Stocks on Wall Street took a hit on Friday as fears of a potential Iranian attack against Israel rattled investors. The Dow Jones Industrial Average plummeted by nearly 500 points, reflecting the unease in the market.
US intelligence reports suggested that Iran or its proxies could be planning an imminent drone strike against Israel, possibly on Israeli soil. This news came shortly after Israel’s missile strike in Syria that resulted in the death of seven Iranian military personnel.
The escalating tensions in the Middle East pushed oil prices higher and bond yields lower, as investors sought safe-haven assets amid the uncertainty.
Adding to the market jitters were the underwhelming first-quarter earnings results from major banks like JPMorgan, Wells Fargo, and Citigroup. While these banks reported better-than-expected earnings, their stocks saw significant sell-offs, with JPMorgan alone dropping more than 6%.
In commodities, 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 experienced a decline, falling to $66,874.
The combination of geopolitical tensions and disappointing earnings results created a turbulent day on Wall Street, leaving investors on edge as they await further developments in the Middle East.
