Dow Dumps 300+ as Israel-Iran Intensifies
North American equities were lower on Tuesday as investors pored through the latest developments in the Middle East, with the Israel-Iran conflict raging on for a fifth day.
The Dow Jones Industrials lost control of the “down” spout, losing 299.29 points to 42,215.80.
The S&P 500 index declined 50.39 points to 5,982.72.
The NASDAQ Composite forfeited 180.12 points, to 19,521.09.
President Donald Trump threatened Iran’s leader in a series of Truth Social posts Tuesday and demanded “UNCONDITIONAL SURRENDER!”
“We know exactly where the so-called ‘Supreme Leader’ is hiding,” he wrote in one of the posts.
“He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now. But we don’t want missiles shot at civilians, or American soldiers. Our patience is wearing thin.”
Trump met with his national security team in the White House Situation Room Tuesday afternoon. Meanwhile, the Pentagon simultaneously moved assets to the Middle East to strengthen U.S. military’s defensive capabilities and expand Trump’s options.
Also Tuesday, fresh retail sales data weighed on stocks Tuesday, as consumer spending retreated more than expected in May. Sales for the month dipped 0.9%, worse than the Dow Jones forecast for a 0.6% fall.
Roku slid $1.68, or 2.1%, to $80.48, following an upgrade to a buy rating from hold at Loop Capital Markets. Analyst Alan Gould’s new price target to $100 — up from $80 — implies upside of 22%.
Prices for the 10-year Treasury were lower, pushing yields up to 4.39% from Monday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.91 to $74.68 U.S. a barrel.
Gold prices plummeted $15.60 to $3,401.70 U.S. an ounce.
