Major stock indexes slid Tuesday alongside bond yields.
Investors are pulling back amid escalating tensions in the Middle East. Less than a day after Israel confirmed its ground offensive in Lebanon, a White House official said Iran was preparing an imminent ballistic-missile attack against Israel.
Crude oil spiked more than 3% to intraday highs on speculation the conflict would limit production. Traders also piled into safe-haven assets, sending gold up more than 1%. Meanwhile, the 10-year Treasury yield dropped 10 basis points as investors monitored the situation.
Here’s where US indexes stood at 10:40 a.m. on Tuesday:
US investors are also focused on economic data set to be released this week. The ADP employment report and initial-jobless-claims data will be released on Wednesday and Thursday, respectively.
The September jobs report will arrive on Friday, with economists forecasting 150,000 jobs added for the month. Unemployment is projected to stay flat at 4.2%.
A strike affecting US ports on both the East and West coasts is also drawing trader attention this week as analysts start to caution about macroeconomic impacts.
Here’s what else happened today:
In commodities and bonds:
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