US Stocks Dip as Investors Assess Israel’s Strike Against Iran
On Friday, US stocks edged lower as investors analyzed the implications of Israel’s direct strike against Iran. The missile strike, which targeted key military sites in Isfahan, was described as symbolic and could potentially serve as a way to de-escalate tensions and avoid further conflict.
Market strategist Michael Reinking noted that the response from Iran seemed well telegraphed and resulted in minimal damage and casualties. Iranian sources have indicated that there is no immediate plan for retaliation, suggesting a possible path towards peace.
Following news of the strike, oil prices initially spiked more than 3%, but have since erased those gains and moved lower. Investors are also closely monitoring US earnings results, with Netflix being the latest megacap company to report its first-quarter results.
According to data from Fundstrat, 77% of S&P 500 companies that have reported earnings so far have beaten profit estimates by a median of 7%, while 55% have beaten revenue estimates by a median of 3%.
In other market news, West Texas Intermediate crude oil dropped to $81.49 a barrel, while Brent crude fell to $86.44 a barrel. Gold prices edged lower, the 10-year Treasury yield decreased, and Bitcoin saw a slight increase.
As investors continue to navigate geopolitical tensions and earnings reports, the stock market remains a dynamic and ever-changing landscape. Stay tuned for further updates on this developing story.
