Wall Street started the week in the red, as traders weighed the economic and geopolitical fallout from escalating tensions in the Middle East.
Monday marked the one-year anniversary of Hamas’ October 7 attack, which triggered the ongoing war in Gaza. The situation is now threatening to spread across the region, as Israel considers retaliating for last week’s missile attacks from Iran.
By 1 p.m. ET, the major indices were modestly lower, with the S&P 500 down 0.5% and the Dow Jones off by 0.7%. The Nasdaq 100 also slid 0.5%. The energy sector was the only bright spot, buoyed by surging oil prices.
West Texas Intermediate (WTI) crude, as tracked by the United States Oil Fund (NYSE:USO), jumped over 3%, climbing to $77 per barrel. This rally marked its fifth consecutive session of gains, fueled by concerns that Israel may retaliate against Iran, a key oil producer, for its involvement in regional conflicts.
Market sentiment around the Federal Reserve’s upcoming policy decisions has also shifted. The probability of the Fed refraining from cutting interest rates next month has dropped to just 17%, according to CME FedWatch Tool,
Rising yields weighed heavily on metals, with gold down 0.4% to $2,645 per ounce and silver dropping 1.3%. Meanwhile, Bitcoin (CRYPTO: BTC) gained 1.4%, trading at $63,682.
Monday’s Performance In Major U.S. Indices, ETFs
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Monday’s Stock Movers
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