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Stocks fell on Friday as traders kept monitoring the Iran war, with the major averages on pace to record another losing week.
The Dow Jones Industrials sagged 248.54 points to 45,772.89.
The S&P 500 index fell 53.09 points to 6,553.40
The NASDAQ reversed 259.88 points, or 1.2%, to 21,830.81.
FedEx’s fiscal third quarter earnings beat is sending its stock more than 7% higher in pre-market trading, and Bank of America sees even more upside ahead.
The moves come after Iran and Israel exchanged strikes overnight, while the former also launched new attacks against energy sites in the Persian Gulf region. The Wall Street Journal reported, citing U.S. officials, that the Pentagon is sending thousands of additional Marines to the Middle East.
President Donald Trump also continued his attacks on NATO, calling it a “paper tiger” without the U.S. “Now that fight is Militarily WON, with very little danger for them, they complain about the high oil prices they are forced to pay, but don’t want to help open the Strait of Hormuz, a simple military maneuver that is the single reason for the high oil prices,” he said in a Truth Social post.
Prices for the 10-year Treasury decreased, raising yields back to 4.38% from Thursday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 55 cents to $96.69 U.S. a barrel.
Gold prices gave back $36.60 to $4,569.10 U.S. an ounce.
