Stock market today: Dow, S&P 500, Nasdaq sink amid inflation worries as Iran war sends oil surging

Corporate Performance - Micron's shares declined as the company's AI spending plans overshadowed its strong earnings [4] - Alibaba's stock fell following a 67% drop in quarterly profit, highlighting the need for returns on its AI investments [4] Market Conditions - US stocks experienced a decline, with the Dow Jones Industrial Average falling 1% and reaching its lowest close of the year [1] - The S&P 500 and Nasdaq Composite also saw losses of 0.8% and 1%, respectively [1] Oil Market Dynamics - Brent crude futures surged by as much as 10% to $119 per barrel due to escalating attacks on oil and gas facilities in the Middle East, before stabilizing around $112 per barrel [2] - The spread between Brent and West Texas Intermediate crude reached its largest gap in years, with WTI hovering around $96 per barrel [2] Inflation and Interest Rates - Rising inflation forecasts from the Federal Reserve have dampened expectations for interest rate cuts, despite indications that one cut could still be possible this year [3] - Hawkish comments from Fed Chair Jerome Powell suggest that policymakers may maintain current rates [3]