Wall Street falls amid Israel-Iran conflict
Wall Street's main indexes have fallen after Israel's deadly strike on Iranian nuclear facilities inflamed tensions in the oil-rich Middle East and battered risk sentiment across global markets.
Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Iran from building an atomic weapon.
Iran has promised a harsh response.
Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East.
US energy stocks rose in tandem, with Exxon up 1.7 per cent.
Airline stocks dropped as fuel costs could surge if supply bottlenecks materialise.
Delta Air Lines was down 3.7 per cent, United Airlines dropped 4.4 per cent and American Airlines declined 4.7 per cent.
Defence stocks climbed, with Lockheed Martin, RTX Corporation, Northrop Grumman gaining between 2.2 per cent and 3.2 per cent.
"We have major domestic policy uncertainty and now on top of that, you have geopolitical unrest, which not only is impacting oil markets but the broader risk premium," said Eric Teal, chief investment officer at Comerica Wealth Management.
US President Donald Trump urged Iran to make a deal, saying "the next already planned attacks" will be "even more brutal".
Israeli Prime Minister Benjamin Netanyahu's office said he would speak to Trump later in the day.
In early trading on Friday, the Dow Jones Industrial Average fell 659.45 points, or 1.52 per cent, to 42,313.10, the S&P 500 lost 60.38 points, or 1.00 per cent, to 5,984.88 and the Nasdaq Composite lost 227.71 points, or 1.16 per cent, to 19,435.01.
Ten of the 11 major S&P 500 sub-sectors fell, with only energy stocks gaining 1.2 per cent.
Financials declined the most, with a 2.1 per cent fall.
Information technology lost 1.3 per cent.
Adobe fell 6.6 per cent despite the Photoshop maker raising its full-year results forecast.
Most megacap and growth stocks declined.
Nvidia was down 2.1 per cent, Apple fell 1.5 per cent and Amazon lost 1.3 per cent.
Visa shares hit an over four-week low and were last down 5.9 per cent.
US-listed shares of gold miners rose tracking a rise in bullion prices.
Newmont gained 2.2 per cent while AngloGold Ashanti rose 2.1 per cent.
The S&P 500 remains 2.6 per cent below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance.
The tech-heavy Nasdaq is about 3.8 per cent off its record closing high reached in December last year.
A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures.
However, Federal Reserve policymakers are widely expected to keep rates unchanged at their meeting next week.
A University of Michigan survey showed consumer sentiment increased to 60.5 for June from the previous month, according to a preliminary estimate.
Declining issues outnumbered advancers by a 3.88-to-1 ratio on the NYSE and by a 4.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 8 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 18 new highs and 70 new lows.
Wall Street's main indexes have fallen after Israel's deadly strike on Iranian nuclear facilities inflamed tensions in the oil-rich Middle East and battered risk sentiment across global markets.
Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Iran from building an atomic weapon.
Iran has promised a harsh response.
Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East.
US energy stocks rose in tandem, with Exxon up 1.7 per cent.
Airline stocks dropped as fuel costs could surge if supply bottlenecks materialise.
Delta Air Lines was down 3.7 per cent, United Airlines dropped 4.4 per cent and American Airlines declined 4.7 per cent.
Defence stocks climbed, with Lockheed Martin, RTX Corporation, Northrop Grumman gaining between 2.2 per cent and 3.2 per cent.
"We have major domestic policy uncertainty and now on top of that, you have geopolitical unrest, which not only is impacting oil markets but the broader risk premium," said Eric Teal, chief investment officer at Comerica Wealth Management.
US President Donald Trump urged Iran to make a deal, saying "the next already planned attacks" will be "even more brutal".
Israeli Prime Minister Benjamin Netanyahu's office said he would speak to Trump later in the day.
In early trading on Friday, the Dow Jones Industrial Average fell 659.45 points, or 1.52 per cent, to 42,313.10, the S&P 500 lost 60.38 points, or 1.00 per cent, to 5,984.88 and the Nasdaq Composite lost 227.71 points, or 1.16 per cent, to 19,435.01.
Ten of the 11 major S&P 500 sub-sectors fell, with only energy stocks gaining 1.2 per cent.
Financials declined the most, with a 2.1 per cent fall.
Information technology lost 1.3 per cent.
Adobe fell 6.6 per cent despite the Photoshop maker raising its full-year results forecast.
Most megacap and growth stocks declined.
Nvidia was down 2.1 per cent, Apple fell 1.5 per cent and Amazon lost 1.3 per cent.
Visa shares hit an over four-week low and were last down 5.9 per cent.
US-listed shares of gold miners rose tracking a rise in bullion prices.
Newmont gained 2.2 per cent while AngloGold Ashanti rose 2.1 per cent.
The S&P 500 remains 2.6 per cent below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance.
The tech-heavy Nasdaq is about 3.8 per cent off its record closing high reached in December last year.
A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures.
However, Federal Reserve policymakers are widely expected to keep rates unchanged at their meeting next week.
A University of Michigan survey showed consumer sentiment increased to 60.5 for June from the previous month, according to a preliminary estimate.
Declining issues outnumbered advancers by a 3.88-to-1 ratio on the NYSE and by a 4.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 8 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 18 new highs and 70 new lows.
Wall Street's main indexes have fallen after Israel's deadly strike on Iranian nuclear facilities inflamed tensions in the oil-rich Middle East and battered risk sentiment across global markets.
Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Iran from building an atomic weapon.
Iran has promised a harsh response.
Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East.
US energy stocks rose in tandem, with Exxon up 1.7 per cent.
Airline stocks dropped as fuel costs could surge if supply bottlenecks materialise.
Delta Air Lines was down 3.7 per cent, United Airlines dropped 4.4 per cent and American Airlines declined 4.7 per cent.
Defence stocks climbed, with Lockheed Martin, RTX Corporation, Northrop Grumman gaining between 2.2 per cent and 3.2 per cent.
"We have major domestic policy uncertainty and now on top of that, you have geopolitical unrest, which not only is impacting oil markets but the broader risk premium," said Eric Teal, chief investment officer at Comerica Wealth Management.
US President Donald Trump urged Iran to make a deal, saying "the next already planned attacks" will be "even more brutal".
Israeli Prime Minister Benjamin Netanyahu's office said he would speak to Trump later in the day.
In early trading on Friday, the Dow Jones Industrial Average fell 659.45 points, or 1.52 per cent, to 42,313.10, the S&P 500 lost 60.38 points, or 1.00 per cent, to 5,984.88 and the Nasdaq Composite lost 227.71 points, or 1.16 per cent, to 19,435.01.
Ten of the 11 major S&P 500 sub-sectors fell, with only energy stocks gaining 1.2 per cent.
Financials declined the most, with a 2.1 per cent fall.
Information technology lost 1.3 per cent.
Adobe fell 6.6 per cent despite the Photoshop maker raising its full-year results forecast.
Most megacap and growth stocks declined.
Nvidia was down 2.1 per cent, Apple fell 1.5 per cent and Amazon lost 1.3 per cent.
Visa shares hit an over four-week low and were last down 5.9 per cent.
US-listed shares of gold miners rose tracking a rise in bullion prices.
Newmont gained 2.2 per cent while AngloGold Ashanti rose 2.1 per cent.
The S&P 500 remains 2.6 per cent below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance.
The tech-heavy Nasdaq is about 3.8 per cent off its record closing high reached in December last year.
A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures.
However, Federal Reserve policymakers are widely expected to keep rates unchanged at their meeting next week.
A University of Michigan survey showed consumer sentiment increased to 60.5 for June from the previous month, according to a preliminary estimate.
Declining issues outnumbered advancers by a 3.88-to-1 ratio on the NYSE and by a 4.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 8 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 18 new highs and 70 new lows.
Wall Street's main indexes have fallen after Israel's deadly strike on Iranian nuclear facilities inflamed tensions in the oil-rich Middle East and battered risk sentiment across global markets.
Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Iran from building an atomic weapon.
Iran has promised a harsh response.
Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East.
US energy stocks rose in tandem, with Exxon up 1.7 per cent.
Airline stocks dropped as fuel costs could surge if supply bottlenecks materialise.
Delta Air Lines was down 3.7 per cent, United Airlines dropped 4.4 per cent and American Airlines declined 4.7 per cent.
Defence stocks climbed, with Lockheed Martin, RTX Corporation, Northrop Grumman gaining between 2.2 per cent and 3.2 per cent.
"We have major domestic policy uncertainty and now on top of that, you have geopolitical unrest, which not only is impacting oil markets but the broader risk premium," said Eric Teal, chief investment officer at Comerica Wealth Management.
US President Donald Trump urged Iran to make a deal, saying "the next already planned attacks" will be "even more brutal".
Israeli Prime Minister Benjamin Netanyahu's office said he would speak to Trump later in the day.
In early trading on Friday, the Dow Jones Industrial Average fell 659.45 points, or 1.52 per cent, to 42,313.10, the S&P 500 lost 60.38 points, or 1.00 per cent, to 5,984.88 and the Nasdaq Composite lost 227.71 points, or 1.16 per cent, to 19,435.01.
Ten of the 11 major S&P 500 sub-sectors fell, with only energy stocks gaining 1.2 per cent.
Financials declined the most, with a 2.1 per cent fall.
Information technology lost 1.3 per cent.
Adobe fell 6.6 per cent despite the Photoshop maker raising its full-year results forecast.
Most megacap and growth stocks declined.
Nvidia was down 2.1 per cent, Apple fell 1.5 per cent and Amazon lost 1.3 per cent.
Visa shares hit an over four-week low and were last down 5.9 per cent.
US-listed shares of gold miners rose tracking a rise in bullion prices.
Newmont gained 2.2 per cent while AngloGold Ashanti rose 2.1 per cent.
The S&P 500 remains 2.6 per cent below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance.
The tech-heavy Nasdaq is about 3.8 per cent off its record closing high reached in December last year.
A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures.
However, Federal Reserve policymakers are widely expected to keep rates unchanged at their meeting next week.
A University of Michigan survey showed consumer sentiment increased to 60.5 for June from the previous month, according to a preliminary estimate.
Declining issues outnumbered advancers by a 3.88-to-1 ratio on the NYSE and by a 4.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 8 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 18 new highs and 70 new lows.
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That's what the Trump administration are doing, we welcome it and we'll engage with it." Opposition Defence spokesman Angus Taylor, who was on the USS America as it made its way though the Sydney Heads, also stressed the critical nature of the US alliance. However he additionally emphasised the importance of adequate funding to support the objectives of the AUKUS. "We call on the government to make sure they engage with the United States to ensure AUKUS is successful into the future," Mr Taylor said. The AUKUS pact is aimed at countering China's growing influence in the Indo-Pacific. A key component of the pact is the provision for Australia to acquire nuclear-powered submarines, a capability deemed essential by the government for bolstering national security. Under the $368 billion submarine program, Australia is set to acquire at least three nuclear-powered Virginia-class subs from the US in the early 2030s before a new fleet is built for delivery from the 2040s. 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Mr Marles on Saturday drew a parallel to Australia's own defence reviews that occur with changes in government, suggesting similar evaluations are a normal part of alliances. His comments follow the arrival of the USS America in Sydney on a goodwill visit on Saturday. "When we came to government, we did a review of our defence posture ... AUKUS was a key part of that, just as the British did when the new British Labor government came into power in July last year," Mr Marles told reporters in Geelong. "It is a very natural thing for an incoming government to engage in a review of this kind. It is actually exactly what we did. That's what the Trump administration are doing, we welcome it and we'll engage with it." Opposition Defence spokesman Angus Taylor, who was on the USS America as it made its way though the Sydney Heads, also stressed the critical nature of the US alliance. However he additionally emphasised the importance of adequate funding to support the objectives of the AUKUS. "We call on the government to make sure they engage with the United States to ensure AUKUS is successful into the future," Mr Taylor said. The AUKUS pact is aimed at countering China's growing influence in the Indo-Pacific. A key component of the pact is the provision for Australia to acquire nuclear-powered submarines, a capability deemed essential by the government for bolstering national security. Under the $368 billion submarine program, Australia is set to acquire at least three nuclear-powered Virginia-class subs from the US in the early 2030s before a new fleet is built for delivery from the 2040s. Australia has already demonstrated its commitment to the AUKUS partnership, paying almost $800 million to the US in February - the first of a number of payments - to help boost its submarine production. Prime Minister Anthony Albanese left Australia on Friday for the G7 summit in Canada but it is unclear if he will be able to secure a meeting with President Trump while there. Mr Albanese previously rebuffed calls from the US for Australia to lift its defence spending to 3.5 per cent of GDP. Doubts over Australia's submarine deal with the US have been hosed down by the deputy prime minister. Richard Marles again doused concerns about the future of the three-nation pact also involving the United Kingdom, as the Trump administration reviews AUKUS. The Pentagon is considering whether the agreement aligns with Donald Trump's "America First" agenda. Mr Marles on Saturday drew a parallel to Australia's own defence reviews that occur with changes in government, suggesting similar evaluations are a normal part of alliances. His comments follow the arrival of the USS America in Sydney on a goodwill visit on Saturday. "When we came to government, we did a review of our defence posture ... AUKUS was a key part of that, just as the British did when the new British Labor government came into power in July last year," Mr Marles told reporters in Geelong. "It is a very natural thing for an incoming government to engage in a review of this kind. It is actually exactly what we did. That's what the Trump administration are doing, we welcome it and we'll engage with it." Opposition Defence spokesman Angus Taylor, who was on the USS America as it made its way though the Sydney Heads, also stressed the critical nature of the US alliance. However he additionally emphasised the importance of adequate funding to support the objectives of the AUKUS. "We call on the government to make sure they engage with the United States to ensure AUKUS is successful into the future," Mr Taylor said. The AUKUS pact is aimed at countering China's growing influence in the Indo-Pacific. A key component of the pact is the provision for Australia to acquire nuclear-powered submarines, a capability deemed essential by the government for bolstering national security. Under the $368 billion submarine program, Australia is set to acquire at least three nuclear-powered Virginia-class subs from the US in the early 2030s before a new fleet is built for delivery from the 2040s. Australia has already demonstrated its commitment to the AUKUS partnership, paying almost $800 million to the US in February - the first of a number of payments - to help boost its submarine production. Prime Minister Anthony Albanese left Australia on Friday for the G7 summit in Canada but it is unclear if he will be able to secure a meeting with President Trump while there. Mr Albanese previously rebuffed calls from the US for Australia to lift its defence spending to 3.5 per cent of GDP. Doubts over Australia's submarine deal with the US have been hosed down by the deputy prime minister. Richard Marles again doused concerns about the future of the three-nation pact also involving the United Kingdom, as the Trump administration reviews AUKUS. The Pentagon is considering whether the agreement aligns with Donald Trump's "America First" agenda. Mr Marles on Saturday drew a parallel to Australia's own defence reviews that occur with changes in government, suggesting similar evaluations are a normal part of alliances. His comments follow the arrival of the USS America in Sydney on a goodwill visit on Saturday. "When we came to government, we did a review of our defence posture ... AUKUS was a key part of that, just as the British did when the new British Labor government came into power in July last year," Mr Marles told reporters in Geelong. "It is a very natural thing for an incoming government to engage in a review of this kind. It is actually exactly what we did. That's what the Trump administration are doing, we welcome it and we'll engage with it." Opposition Defence spokesman Angus Taylor, who was on the USS America as it made its way though the Sydney Heads, also stressed the critical nature of the US alliance. However he additionally emphasised the importance of adequate funding to support the objectives of the AUKUS. "We call on the government to make sure they engage with the United States to ensure AUKUS is successful into the future," Mr Taylor said. The AUKUS pact is aimed at countering China's growing influence in the Indo-Pacific. A key component of the pact is the provision for Australia to acquire nuclear-powered submarines, a capability deemed essential by the government for bolstering national security. Under the $368 billion submarine program, Australia is set to acquire at least three nuclear-powered Virginia-class subs from the US in the early 2030s before a new fleet is built for delivery from the 2040s. Australia has already demonstrated its commitment to the AUKUS partnership, paying almost $800 million to the US in February - the first of a number of payments - to help boost its submarine production. Prime Minister Anthony Albanese left Australia on Friday for the G7 summit in Canada but it is unclear if he will be able to secure a meeting with President Trump while there. Mr Albanese previously rebuffed calls from the US for Australia to lift its defence spending to 3.5 per cent of GDP.
Perth Now
2 hours ago
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Concerns over US AUKUS review dismissed by deputy PM
Doubts over Australia's submarine deal with the US have been hosed down by the deputy prime minister. Richard Marles again doused concerns about the future of the three-nation pact also involving the United Kingdom, as the Trump administration reviews AUKUS. The Pentagon is considering whether the agreement aligns with Donald Trump's "America First" agenda. Mr Marles on Saturday drew a parallel to Australia's own defence reviews that occur with changes in government, suggesting similar evaluations are a normal part of alliances. His comments follow the arrival of the USS America in Sydney on a goodwill visit on Saturday. "When we came to government, we did a review of our defence posture ... AUKUS was a key part of that, just as the British did when the new British Labor government came into power in July last year," Mr Marles told reporters in Geelong. "It is a very natural thing for an incoming government to engage in a review of this kind. It is actually exactly what we did. That's what the Trump administration are doing, we welcome it and we'll engage with it." Opposition Defence spokesman Angus Taylor, who was on the USS America as it made its way though the Sydney Heads, also stressed the critical nature of the US alliance. However he additionally emphasised the importance of adequate funding to support the objectives of the AUKUS. "We call on the government to make sure they engage with the United States to ensure AUKUS is successful into the future," Mr Taylor said. The AUKUS pact is aimed at countering China's growing influence in the Indo-Pacific. A key component of the pact is the provision for Australia to acquire nuclear-powered submarines, a capability deemed essential by the government for bolstering national security. Under the $368 billion submarine program, Australia is set to acquire at least three nuclear-powered Virginia-class subs from the US in the early 2030s before a new fleet is built for delivery from the 2040s. Australia has already demonstrated its commitment to the AUKUS partnership, paying almost $800 million to the US in February - the first of a number of payments - to help boost its submarine production. Prime Minister Anthony Albanese left Australia on Friday for the G7 summit in Canada but it is unclear if he will be able to secure a meeting with President Trump while there. Mr Albanese previously rebuffed calls from the US for Australia to lift its defence spending to 3.5 per cent of GDP.
