Stocks end lower, oil prices jump after Iran launches missile attack on Israel
Wall Street tumbled Tuesday in a tech-driven sell-off,...
Wall Street tumbled Tuesday in a tech-driven sell-off, buffeted by Iran's missile attack on Israel and a U.S. East Coast port workers' strike. The market's reaction reflected a complex landscape where defense and energy stocks rose amid Middle East tensions, while shipping-related and retail shares declined due to port closures. Safe-haven assets like the U.S. dollar, gold, and Treasuries gained traction, with oil prices initially surging 5% before moderating later in the session.
Despite attempts to recover from midday lows, similar to Monday's late rebound, buying enthusiasm remained subdued as volatility reached nearly one-month highs. The 10-year Treasury yield fell below Monday's levels, narrowing the yield curve that had been widening since the Federal Reserve's recent rate cut. This shift was driven by both the flight to safety and weak U.S. manufacturing data, highlighting investors' growing concerns about potential economic impacts, including possible goods inflation and supply chain disruptions affecting retailers, railroads, and auto companies.
Here's where the major benchmarks ended:
The S&P 500® index (SPX)fell 53.73 points (–0.93%) to 5,708.75; the Dow Jones Industrial Average® ($DJI) declined 173.18 points (–0.41%) to 42,156.97; the Nasdaq Composite® ($COMP) lost 278.81 points (–1.53%) to 17,910.36.
The 10-year Treasury note yield (TNX) fell six basis points to 3.74%.
The Cboe Volatility Index® (VIX) jumped to 19.28, the highest in nearly a month.
JERUSALEM (AP) — The Israeli military said Tuesday that Iran has fired...
JERUSALEM (AP) — The Israeli military said Tuesday that Iran has fired missiles and it ordered residents to remain close to bomb shelters as air raid sirens sounded across the country.
Israel and the United States have warned there would be severe consequences in the event of an attack on Israel from Iran, which backs the militant group Hezbollah in Lebanon.
The orders to shelter in place were sent to Israelis' mobile phones and announced on national television.
Israel Begins Ground Operations in Southern Lebanon
The Israeli military announced early Tuesday that its...
The Israeli military announced early Tuesday that its troops had begun crossing into southern Lebanon, saying that they would destroy Hezbollah military infrastructure in villages close to the Israel-Lebanon border.
In a statement issued shortly before 2 a.m., the military described the operation as “limited” and said that its troops had begun entering Lebanon “a few hours ago” in order to target sites that “pose an immediate threat to Israeli communities in northern Israel.”
Export boom puts Houston oil contracts into the spotlight
Trading volumes on US Gulf Coast oil price benchmarks are on the rise...
Trading volumes on US Gulf Coast oil price benchmarks are on the rise as booming oil exports push Houston contracts to the forefront, sidelining Cushing, Okla., as the dominant US pricing hub. With global demand pulling more oil through Gulf Coast terminals, Cushing is shifting to a secondary role as a flow-through hub, according to Energy Aspects analyst Jeremy Irwin.
At least 45,000 dockworkers across 36 East and Gulf Coast ports ...
At least 45,000 dockworkers across 36 East and Gulf Coast ports began striking after their contract expired early this morning, the first such strike in the US since 1977. The work stoppage could disrupt supply chains and cause delays; see what's at stake here.
East and Gulf Coast ports handle more than 68% of containerized exports and more than 56% of containerized imports (see map). Analysts estimate losses to the US economy could be up to $5B per day. President Joe Biden has said he is not planning to invoke a nearly 80-year-old act to order the strikers back to work.
