Dow falls 1.25% as oil tops $117, investors await Fed and Big Tech results

U.S. stocks closed lower Friday as rising oil prices and renewed U.S.-Iran conflict concerns pressured markets, with the Dow Jones Industrial Average falling 1.25% to 52,209.16. The S&P 500 declined 0.52% to 7,623.86, while the Nasdaq Composite slipped 0.21% to 25,955.34. West Texas Intermediate crude rose 3.8% to $103.34 per barrel, and Brent settled at $116.85, its highest level since April. Investors awaited Federal Reserve interest-rate decisions and Big Tech earnings. The energy sector hit a record high, but consumer confidence neared record lows amid inflation worries. American Express fell over 3% on plans to cut 5% of its workforce due to AI adoption. The 10-year Treasury yield rose above 5% as markets braced for a busy week of corporate results and the Fed meeting.