Stocks Slip as Oil Prices Rise Amid Israel-Iran Tensions

NEW YORK (AP) — U.S. stocks are slipping in early trading, and crude oil prices are continuing to rise as the world waits to see how Israel will respond to a missile attack from Iran. The S&P 500 was 0.3% lower Wednesday, a day after sliding from its record on worries about a possible widening of the fighting in the Middle East. The Dow Jones Industrial Average was down 159 points, or 0.4%, and the Nasdaq composite was off 0.3%. Oil prices rose by more than 3%. Nike sank 7.

4% after reporting revenue that fell short of analysts’ estimates and pulling its forecast for full-year results. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Wall Street pointed toward losses before markets opened and oil prices rose further amid escalating tensions between Israel and Iran in an already inflamed Middle East. Futures for the S&P 500 and the Dow Jones Industrial Average were each down about 0.1% before the bell. While Israel is not a major producer of oil, Iran is OPEC's third largest producer and the potential for a wider, sustained conflict raises the risk of disruptions to supplies by neighboring producers of crude. However, some analysts have been skeptical that the U.S. would experience massive oil shortages, since U.S. oil production is at an all-time high. Early Wednesday, U.S. crude was up $2.11, or 3%, to $71.94 per barrel. Brent crude climbed $1.96 to $75.52 per barrel. Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran, which he said “made a big mistake tonight and it will pay for it.” An Iranian commander threatened wider strikes on infrastructure if Israel retaliates. Nike shares tumbled 7.2% after the shoe giant posted lackluster first-quarter results, including sales that came in lower than Wall Street was expecting. Nike, which is in the middle of a CEO transition, also pulled its full-year guidance and postponed its investors day conference. Its shares are down about 22% this yea

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