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NEW YORK — Wall Street had its biggest drop in more than a year March 7 as another leap for oil prices threatened to squeeze inflation’s grip on the global economy.

Self-driving technology companies are the latest automotive stocks to become an obsession of retail traders, with firms like Aurora Innovation Inc. surging Nov. 19 on high volume.

Shares of unprofitable food delivery platform DoorDash Inc. surged 86% in their trading debut Dec. 9, in the latest sign of investor exuberance in what already has been a record year for IPOs.

Trevor Milton said he remains committed to his Nikola Corp. holding and doesn’t plan to relinquish his position as its largest shareholder even though a restriction has been lifted, addressing speculation that he could divest of his stake in the company he founded and resigned from.

Oil reclaimed heights not seen since the pandemic shocked markets in the spring, with the start of the U.S. presidential transition and improved vaccine prospects infusing optimism across markets.

Stocks surged around the world and bonds tumbled after a large-scale coronavirus vaccine study delivered the most-promising results in the battle against the worst pandemic in a century.

After a wild election night sowed confusion across U.S. markets, investors frantically bid up stocks Nov. 4, sending major averages to the biggest rallies in five months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.

In 24 hours, investors have learned the jobless rate dropped, Tesla Inc. built more cars than forecast and that someone is back making huge options trades in tech megacaps. None of it mattered in markets captivated by news that not even the White House is safe from COVID-19.

Nikola Corp. got its first sell-equivalent rating, with the electric-vehicle startup downgraded to underperform from neutral at Wedbush, citing the loss of a driving force in founder Trevor Milton’s departure, and the threat posed to hydrogen fuel’s appeal by Tesla Inc.’s “eye-popping battery innovations.”

Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.