Major U.S. stock indices closed lower across the board on the 1st (local time) due to concerns over inflation sparked by renewed military engagement between the U.S. and Iran and a sharp surge in international oil prices.

An expanding sell-off in the global bond market, which sent yields on major nations' government bonds soaring, also weighed heavily on the stock market.

On this day, the Dow Jones Industrial Average finished down 419.02 points, or 0.79%, at 52,766.88.

The S&P 500 index closed lower by 54.67 points, or 0.71%, at 7,631.47, while the tech-heavy Nasdaq Composite dropped 271.12 points, or 1.03%, to end at 26,099.77.