Wall Street slips as oil tops $117; Fed and Big Tech earnings in focus

U.S. stocks closed lower on Friday as losses spread beyond technology shares, pressured by rising oil prices and renewed US-Iran conflict concerns, while investors awaited a busy week of earnings and the Federal Reserve's rate decision. The Dow Jones Industrial Average fell 1.25%, or about 659 points, to 52,209.16. The S&P 500 dropped 0.52% to 7,623.86, and the Nasdaq Composite lost 0.21% to close at 25,955.34. Despite Friday's decline, the Dow gained 0.4% for the week, while the S&P 500 fell 0.5% and the Nasdaq lost 0.7%. Oil prices surged, with Brent crude closing at $116.85 per barrel, its highest level since April, following reports that the US and Israel might prepare renewed strikes on Iran. The energy sector hit a record high, but higher oil prices fueled inflation worries, with consumer confidence near a record low. American Express fell over 3% after announcing a 5% workforce reduction tied to AI efficiency. Investors now await quarterly results from Alphabet, Microsoft, and Amazon, plus the Fed's decision on Wednesday, where rates are expected to remain unchanged.