US Stocks Fall on Reports of Potential Iranian Attack Against Israel
On Friday, US stocks took a hit as fears of a potential Iranian attack against Israel rattled investors. The Dow Jones Industrial Average dropped by nearly 500 points, reflecting the unease in the market.
US intelligence reports indicated that a possible attack against Israel by Iran or its proxies was imminent within the next few days. The reports, confirmed by a US official, suggested that a drone strike targeting Israeli soil could be on the horizon. This news came shortly after Israel launched a missile strike in Syria that resulted in the deaths of seven Iranian military personnel.
The prospect of escalating tensions in the Middle East sent oil prices higher and bond yields lower, adding to the uncertainty in the market. Investors were also underwhelmed by the first batch of first-quarter earnings results, with major banks like JPMorgan, Wells Fargo, and Citigroup reporting better-than-expected results but still experiencing significant sell-offs in their stocks.
In commodities, bonds, and crypto, West Texas Intermediate crude oil rose to $85.44 a barrel, while Brent crude climbed to $90.17 a barrel. Gold prices fell to $2,359.40 per ounce, and the 10-year Treasury yield dropped to 4.52%. Bitcoin also saw a decline, dropping to $66,874.
The news of a potential Iranian attack against Israel added to the already volatile market conditions, leaving investors on edge as they navigated through the latest developments.
