Market Highlights

Wall Street buckled as reports of Iran’s retaliation for Israel’s attack on its nuclear facilities deepened concerns that the conflict is escalating, with oil jumping and stocks taking a hit. The S&P 500 lost over 1%, wiping out this week’s advance. Airline and travel companies tumbled, while energy producers and defense shares rose. West Texas Intermediate crude futures surged more than 7%, the most since March 2022. Gold hovered near its all-time high. Treasuries fell as a surge in oil stoked concern about a resurgence in inflation. The dollar edged up. As markets reopened following a weekend of strikes between Israel and Iran, investors held back on making big bets in either direction. Chinese stocks swung between gains and losses. European equity futures edged lower. The dollar was little changed, while gold held near a record high.