Wall Street markets face volatility amid rising oil prices and economic concerns

US stock markets concluded a volatile week with major indices ending in the red on Friday. The Dow Jones Industrial Average fell 1.2%, the S&P 500 dropped 0.5%, and the Nasdaq Composite declined 0.2%. These losses were driven largely by rising oil prices, with Brent crude reaching $116.72 per barrel—the highest level since late April—due to escalating tensions in the Middle East, including attacks in Yemen and security concerns near the United Arab Emirates.

In corporate news, American Express reported a 9% increase in revenue to $20.1 billion and raised its full-year earnings guidance. However, its stock fell 3.73% following news of a restructuring plan that involves cutting approximately 5% of its workforce, or 3,500 jobs.

Additionally, SpaceX is reportedly negotiating to acquire access to at least 80,000 spectrum licenses in the US, a move that could position it as a major mobile operator via Starlink Mobile. Meanwhile, Ukraine confirmed that Starlink and Starshield continue to provide high-speed connectivity for its military operations.