US stock markets dip for fourth straight week over US-Israel war on Iran

A picture


US stock markets dropped again on Friday, capping off a fourth week of market turbulence as investors worried about the US-Israel war on Iran and its widespread impact on global oil prices,The Dow lost over 400 points on Friday, with the S&P 500 slipping 1,5% and the tech-heavy Nasdaq down 2%,The biggest losses of the week were seen in the Russell 2000, which tracks the performance of small-cap companies,The Russell 2000 entered correction territory on Friday after dipping 2.

7%, meaning the index fell more than 10% from its most recent high.The small cap index is the first of all the major indices to enter correction territory this year.Since 28 February, the Dow, S&P 500 and Nasdaq indices have dropped about 7%, 5% and 4.5%, respectively – still far from correction territory, but dips have become a mainstay over the last few weeks.Markets seem particularly attuned to skyrocketing oil prices, which affects everything from shipping trucks and commercial airlines to fertilizer for farming.

The price of Brent crude oil, the global benchmark, reached $107 a barrel by Friday afternoon, with prices typically hovering around $70 a barrel before the start of the conflict.US crude oil reached $98 a barrel, up from an average of $64 a barrel before March.US gas prices at the pump are an average $3.88 a gallon, according to AAA, with averages surging past $5 in states such as California, Washington and Hawaii.The strait of Hormuz, where a fifth of the world’s oil supply typically passes through, remains blocked in retaliation of the US-Israel strikes against Iran.

Both sides of the conflict have also targeted key energy infrastructure in the Gulf states and Iran, which could take years to repair,After Israel attacked Iran’s South Pars gasfield, Tehran struck Ras Laffan, the world’s largest liquified natural gas (LNG) facility in the world, earlier this week,Donald Trump has spent much of the last week attacking US allies for refusing to help the US reopen the strait of Hormuz, calling Nato allies on Friday “cowards”,“COWARDS, and we will REMEMBER!” the US president wrote on social media, telling reporters later on Friday that “you don’t do a ceasefire when you’re literally obliterating the other side”,The Pentagon deployed about 2,200 marines to the Middle East on Friday, though the White House hasn’t specified what missions the deployment will assist.

cultureSee all
A picture

Stephen Colbert on DHS pick Markwayne Mullin: ‘Has a history of being real dumb and real angry about it’

Late-night hosts recapped Markwayne Mullin’s risible confirmation hearing for homeland security secretary and Maga’s struggles to sell the war in Iran to sticker-shocked Americans.On Wednesday’s Late Show, Stephen Colbert looked into the resignation this week of Joe Kent, Donald Trump’s director of the national counterterrorism center, in protest of the administration’s war in Iran and the fact that “Iran posed no imminent threat to our nation”.“So the US is going to war in the Middle East without an imminent threat to our nation … AGAIN?” Colbert joked, sitcom-style.“Now, before anybody sends this guy an Edible Arrangement in the shape of the word ‘hero’, keep in mind: he sucks,” he continued, before reminding viewers that during his failed 2022 congressional bid, Kent paid Graham Jorgensen, a member of the Proud Boys, for consulting work, and worked closely with Joey Gibson, founder of the rightwing group Patriot Prayer. Kent has also blamed Israel for the 2003 US invasion of Iraq

A picture

Seth Meyers on Trump’s Nato about-face: ‘This is just how Donald Trump does friendship’

Late-night hosts mocked Donald Trump’s rejection by Nato allies for help with the strait of Hormuz and a White House visit from the Irish prime minister for St Patrick’s Day.On Late Night, Seth Meyers recalled the many, many times that Trump insulted Nato, only to turn around and ask them this week for help with strait of Hormuz, blocked by his war with Iran. “You called them obsolete, sloppy and bad, and now you want their help?” Meyers marveled. “It’s like breaking up with someone and then immediately asking them for help moving – ‘I know I called you obsolete and sloppy, but I didn’t say you were bad at carrying things! Now hop to it, fatso, I gotta date tonight!’”The response from Nato members has been a resounding no, even from US allies like Germany and Britain. “You mean to tell me your genius plan of continually insulting them for 10-plus years and then begging them to help you out of a jam you got yourself into didn’t work?” Meyers laughed

A picture

Banksy has been unmasked (again). But does this major Reuters investigation actually tell us something new?

Hi Kelly, everyone is talking about Banksy (again) – what’s he done this time?Hi Nick. So a really long (8,000-word) investigation by Reuters claims it has discovered the elusive street artist’s true identity, which backs up claims made by the Mail on Sunday British tabloid almost two decades ago that he is a 52-year-old Bristol-born man called Robin Gunningham, now going by the name of David Jones.Wait … didn’t we already know that? Or was it supposed to be the guy from Massive Attack?Sort of. Previous reports suggested that Robert Del Naja, the co-founder of Massive Attack – a pioneer in trip-hop, which is a music genre that also has its roots in Bristol – was Banksy. Now it seems that Naja is Gunningham’s secret partner/enabler/scout/gatekeeper

A picture

Jimmy Kimmel on Trump: ‘He uses his bones to feel things instead of his brain’

Late-night hosts on Monday discussed the Academy Awards, Maga’s incoherent statements on the Iran war and raised an eyebrow to Donald Trump’s claims of support from an anonymous former president.On Jimmy Kimmel Live, the host focused on Trump’s comments to the press in week three of the Iran war, or as Kimmel called it “Operation Epsteino Distracto”.On Truth Social, Trump wrote that it was a “great honour” to kill “scumbags” in Iran.“He’s been talking very tough for a guy who seems to almost be in a coma right now,” Kimmel said.“Even with all the killing he has been enjoying so much, he is very low energy lately,” the host continued

A picture

Carnivàle revisited: is this HBO’s strangest show?

Carnivàle premiered on HBO in 2003 and was cancelled after only two seasons. In the immediate aftermath, this decision was protested by the small but dedicated cult following the show had amassed (to the tune of 50,000 emails).But in the years since, as the television canon has expanded and the taste for mystery-box TV has waned, Carnivàle now seems little more than a minor curio in HBO’s ever-expanding back catalogue. So what is this curio about?Carnivàle follows the exploits of its titular carnival as they travel across the American dust bowl in the 1930s. At the beginning of the series, these nomadic showpeople pick up Ben Hawkins (Nick Stahl), an ex-con with a mysterious past (and inexplicable powers)

A picture

‘We kicked Bono’s arse’: how we made Atomic Kitten’s Whole Again (with a little help from Kraftwerk)

‘Kerry’s spoken verse needed 39 takes spread over several months because she’d had her tonsils out’People never believe me that Kraftwerk created Atomic Kitten. In 1996, my band OMD released Walking on the Milky Way, which I thought was one of the best songs I’d ever written. But in the age of Britpop, we were perceived as an 80s synthpop band, past our sell-by date. Radio 2 wouldn’t play the song and Woolworths wouldn’t stock it. I thought: “I’m functioning with one arm tied behind my back