-
US stocks fell on Monday as investors worried about an escalation of the Israel-Iran conflict.
-
The risk-off nature of Monday’s market action sent the 10-Year Treasury yield to its highest level of 2024.
-
March retail sales data surged 0.7%, more than double consensus estimates of 0.3%.
US stocks reversed their Monday morning gains and finished the day considerably lower as investors worried about a potential escalation of the Israel-Iran conflict.
Iran fired hundreds of missiles and drones at Israel, but its defense system, in coordination with its allies, intercepted nearly all of the projectiles.
“Iranian officials have said that this concludes the response and markets are hoping that the situation will de-escalate from here. However, this situation is by no means over and the back-and-forth headlines have continued throughout the day,” NYSE market strategist Michael Reinking said.
A source told NBC News that a retaliatory attack by Israel against Iran could be “imminent.” Allies of Israel have cautioned the country from further escalating the conflict.
Separately, retail sales surged in March, growing 0.7%, more than double consensus estimates of 0.3%. The combination of solid retail sales data and the risk-off nature of the Israel-Iran conflict sent the 10-year Treasury yield to its highest level of 2024 and its highest level since November.
Here’s where US indexes stood at the 4 p.m. closing bell on Monday:
Here’s what else happened today:
In commodities, bonds, and crypto:
-
West Texas Intermediate crude oil dropped 0.19% to $85.50 a barrel. Brent crude, the international benchmark, fell 0.27% to $90.21 a barrel.
-
Gold jumped 1.04% to $2,398.80 per ounce.
-
The 10-year Treasury yield climbed 9 basis points to 4.62%.
-
Bitcoin declined by 3.43% to $63,506.
Read the original article on Business Insider
