Dow Jones, NASDAQ, S&P 500 decline as oil prices rise amid fresh US strikes on Iran; Apple surges nearly 3%

US stocks slipped on Tuesday as new US strikes against Iran sent oil prices higher. The treasury yield also hit a 20-month high.

The Dow Jones Industrial Average settled 0.79% lower at 52,766.88, while the NASDAQ Composite declined 1.03% to 26,099.77. The S&P 500 index descended 0.71% to 7,631.47.

Stocks that ended in red include NVIDIA, Amazon.com Inc, American Express Company, The Goldman Sachs Group, Visa, The Walt Disney Company, Alphabet, Shopify, Axon Enterprise, and Dell Technologies, among others.

Brent Crude, the international standard, advanced 2.17% to $96.71 per barrel, while the West Texas Intermediate climbed 1.80% to $91.84 a barrel.

Taking to X, US Central Command (CENTCOM) said that it successfully completed a wave of strikes against Iranian military targets September 1.

"U.S. forces struck Islamic Revolutionary Guard Corps (IRGC) targets including air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites," it said.

The strikes come after the IRGC attacked commercial shipping in the Strait of Hormuz and American service members, CENTCOM said.

US President Donald Trump said that strikes against Iran are large and powerful and in retaliation for Tehran's failed attempt at adding sea mines to the Strait.

"The Iranians shooting eight missiles, all successfully knocked down, at our Military Base in Jordan. If the failed Nation of Iran retaliates for this very justified attack, they will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!" he said.

iPhone maker Apple Inc's shares rose 2.61% to $325.13 per share after John Ternus took charge as the company's chief executive officer (CEO). He succeeds Tim Cook, who is now an executive chairman after leading the tech giant for 15 years.