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In a recent turn of events, US stocks took a hit on Friday due to reports of a potential Iranian attack against Israel. The Dow Jones Industrial Average plummeted by nearly 500 points as fear of escalated tensions in the Middle East loomed large. This led to a surge in oil prices and a drop in bond yields.
The ongoing geopolitical concerns stem from US intelligence reports suggesting an imminent attack on Israel by Iran or its proxies. The region has been on edge following a recent missile strike in Syria that resulted in casualties among Iranian military personnel.
Adding to the market turmoil, investors were underwhelmed by the first batch of first-quarter earnings reports. Despite mega-banks like JPMorgan, Wells Fargo, and Citigroup posting better-than-expected results, their stock prices took a hit, with JPMorgan seeing a significant drop of over 6%.
On the commodities, bonds, and crypto front, West Texas Intermediate crude oil saw a 0.49% increase to $85.44 per barrel, while Brent crude climbed 0.48% to $90.17 per barrel. Gold prices fell by 0.57% to $2,359.40 per ounce, and the 10-year Treasury yield dropped by 6 basis points to 4.52%. Meanwhile, Bitcoin experienced a 4.50% decline, settling at $66,874.
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