Dow Tanks after Israeli Strike on Iran
Stocks tumbled early Friday after Israel launched a wave of airstrikes on Iran, pushing energy prices higher and adding another complication at a time of heightened geopolitical tensions.
The Dow Jones Industrials collapsed 666.39 points, or 1.6%, to 42,301.23
The broader index dipped 58.42 points, or 1%, to 5,986.84.
The NASDAQ Composite skidded 219.53 points, or 1.1%, to 19,553.72.
Nvidia, Tesla and other stocks that have led the market’s comeback from the April lows dropped as investors shed risk. Oil and defense stocks were higher. Exxon hiked 2% and Chevron added more than 1%, while Lockheed Martin jumped about 3%.
The market drop happened as Israel’s defense minister Israel Katz declared a special state of emergency following an Israeli attack on Iran.
Media outlets quote two U.S. officials as saying that there is no U.S. involvement or assistance.
President Donald Trump, in a Friday morning post on his social media site Truth Social, warned Iran to come to the negotiating table.
“There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end. Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire,” Trump wrote. “No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE.”
Prices for the 10-year Treasury gained, lowering yields to 4.39% from Thursday’s 4.36%. Treasury prices and yields move in opposite directions.
Oil prices increased $4.47 to $72.51 U.S. a barrel.
Gold prices vaulted $55.00 to $3,457.40 U.S. an ounce.
