Wall Street opens lower as Dow drops 1% on Middle East tensions

Wall Street opened lower on Friday, with the Dow Jones falling about 1%, the S&P 500 down 0.6%, and the Nasdaq down 0.4%, following sharp losses the previous day and amid rising Middle East tensions. American Express announced a 5% global workforce reduction, affecting about 3,500 jobs, as CEO Steve Squeri aims to cut costs. The company beat third-quarter earnings estimates and raised its full-year 2026 profit forecast. European markets also traded lower, with the eurozone composite PMI falling to 51.9, its lowest since June. Oil prices rose, with Brent trading above $114 a barrel, a high since May.