US stocks fall 1% as Israel-Iran tensions rise; defense up :
Wall Street: Financials led the dip, dropping 2.06%, followed by the information technology sector, which fell 1.5%. Ten of the eleven S&P 500 sector indices ended the day lower. On the S&P 500, declining stocks outnumbered advancers by a ratio of 6.1 to 1.
Friday saw a steep decline in the US stock market, driven primarily by losses in financial and IT industries, as the Middle East war intensified due to Iran’s counterattacks against Israel.
The S&P 500 fell 1.13% to close at 5,976.97, while the Dow Jones Industrial Average fell 1.79% to 42,197.79.
At 19,406.83,the Nasdaq ended the day 1.30% lower.
Financials led the decrease,falling 2.06%,followed by the information technology sector,which fell 1.5%. Ten of the eleven S&P 500 sector indices ended the day lower. On the S&P 500,declining stocks outnumbered advancers by a ratio of 6.1 to 1.
The S&P 500 dropped 0.4%,the Nasdaq lost 0.6%,and the Dow Jones sank 1.3% for the week.
After several explosions were reported over Jerusalem and Tel Aviv,with sirens blaring throughout Israel in response to Iranian missile launches,investor sentiment suffered. This came after Israel attacked Iranian missile and nuclear plants, causing tensions in the Middle East to skyrocket.
As markets absorbed a sharp blow to commodity and stock prices, the US dollar index increased by around 0.5% to 98.16 and US 10-year Treasury rates increased by 5.6 basis points to 4.413%.
Investor concerns about a broader disruption in oil supplies were heightened by the 7% increase in crude oil prices.
US Stocks :
The stock prices of Visa and Mastercard plunged more than 4% apiece, while Nvidia’s and Apple’s dipped 2.1% and 1.4%,respectively. Oracle shares surged 7.7% to a record high,while Adobe shares dropped 5.3%.
Lockheed Martin,RTX Corporation,and Northrop Grumman all saw gains of more over 3% as US defense stocks surged.
As gasoline prices increased, airline stocks declined. The stock prices of American Airlines fell 4.9%, United Airlines fell 4.4%,and Delta Air Lines fell 3.8%.
US oil stocks increased,with Diamondback oil’s shares rising 3.7% and Exxon’s rising 2.2%.
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