Israel-Hamas War Day 10: Blinken's Israel Visit Continues, Markets Rebound From Friday's Selloff

As the Israel-Hamas conflict reaches its tenth day, here are the most recent developments unfolding in the ongoing Middle East conflict.

• Diplomatic Efforts Continue: U.S. Secretary of State Antony Blinken extends Middle East shuttle diplomacy with his return to Israel on Monday, as confirmed by a senior State Department official and reported by different media, including the Times of Israel. President Joe Biden contemplates a visit to Israel, with trip details pending, according to a senior administration official.
  
• Iran’s Plea for Hostage Release:The Iranian Foreign Ministry has hinted at the possibility that Hamas could release the approximately 200 hostages it holds if Israel were to cease its ongoing campaign of airstrikes in the Gaza Strip. However, there has been no official acknowledgment or confirmation of such an offer from the Gaza-based terrorist group.
  
• Biden’s Stance on Hamas and Peace: During his appearance on CBS’s “60 Minutes” on Sunday, Biden emphasized the dual imperative of dismantling Hamas and pursuing the establishment of a Palestinian state. He reaffirmed unwavering U.S. support for Israel’s defensive actions, characterizing Hamas as using civilian shields. Biden cautioned against an Israeli re-occupation of Gaza, highlighting the need for a Palestinian authority and state.
  
• Tragedy in Illinois: In Plainfield, Illinois, a heart-wrenching incident unfolded as 6-year-old Palestinian-American boy Wadea Al-Fayoume tragically lost his life, while his mother suffered severe injuries. Joseph Czuba, a 71-year-old landlord, is accused of this act, allegedly driven by religious animosity and the ongoing Israel-Hamas conflict, as reported by CNN.
  
• Global Solidarity: Pro-Palestine rallies gain momentum worldwide, with demonstrations held in London, San Diego, Madrid, Paris, the Philippines, Australia, and the Middle East, expressing solidarity with the Palestinian cause.
  
• Evacuation in Haifa: At Haifa Port, several dozen U.S. citizens await their turn to board evacuation ships due to flight cancellations linked to the Israel-Hamas conflict. They are destined for Cyprus, where they will catch flights back to the United States.
  
• Ceasefire Dismissed: Israel and Hamas jointly dismiss reports of a ceasefire for foreigner evacuation from the besieged Gaza Strip through Rafah.
  
• Israel’s Safe Corridor In Gaza: Israel has declared the establishment of another “safe corridor” within Gaza, encouraging civilians to relocate from the north to the south of the territory, according to Bloomberg.
  
• Mass Exodus: Approximately 600,000 individuals have heeded the call to leave northern Gaza amid Israel’s military activities. Israel lays blame on Hamas for obstructing civilian evacuations, underscoring that the safe corridor’s creation does not signify a formal ceasefire.

Market Reactions

Following a notable selloff last Friday, the stock market staged a recovery on Monday, with U.S. equity futures showing positive momentum ahead of the market opening.

Despite an impressive 3.4% surge on Friday, gold, as represented by the SPDR Gold Trust GLD, was unable to maintain its upward trajectory and fell 0.3%.

WTI crude oil, tracked by the United States Oil Fund UUP, experienced a 0.6% increase.

Israeli stocks, reflected by the MSCI Israel ETF EIS and measured by the TA-125 index, rebounded by 2.4% on Monday. This followed their fall to the lowest levels since May 2021 on the previous Friday.

The Israeli shekel continued its six-day losing streak, depreciating by 0.3% against the U.S. dollar.

Read now: US Stocks On Track For A Strong Start To Week, Buoyed By Earnings Optimism: Analyst Flags 13-14% Upside As Bull Market Enters Its Second Year

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock