Stock market today: Dow, S&P 500, Nasdaq sink as Israel strike on Iran sends oil soaring
US stocks sank on Friday as Israel's attack on Iran shook global markets, leading oil prices to spike after Iran reportedly described the strike a "declaration of war."
The Dow Jones Industrial Average (^DJI) tumbled roughly 1.2% as investors lost their appetite for riskier assets. The S&P 500 (^GSPC) dropped 1%, while the tech-heavy Nasdaq Composite (^IXIC) was off 1.3%.
On Thursday night, Israel conducted what it called a "preemptive strike" against Iran, citing fears over development of nuclear weapons in Tehran. Crude oil (CL=F) prices soared as much as 13% as the strikes hit the third largest OPEC producer. The safe-haven asset of gold (GC=F) jumped over 1.5%.
Israel's prime minister, Benjamin Netanyahu, has vowed that the operation against Iran's nuclear and military facilities would continue "for as many days as it takes," stoking fears of escalation.
In response, Iran described the strikes as a "declaration of war" in a letter to the United Nations, AFP reported. It has also launched a drone attack on Israel, seen by some as a precursor to a more severe missile onslaught.
President Trump urged Iran to "make a deal" over its nuclear program to avert further conflict, in a post to social media. "JUST DO IT, BEFORE IT IS TOO LATE," he wrote.
Iran has threatened to target US assets in the Middle East as part of its "severe response". Earlier, Secretary of State Marco Rubio said Israel took "unilateral action" with no US involvement, as he warned Iran against targeting US interests and personnel.
The dramatic developments came as stocks have been creeping higher despite questions around Trump's domestic agenda, as he hinted at steps that could rattle markets. The president floated hiking auto tariffs just a day after he said he would impose unilateral tariff rates on countries within two weeks.
Read more: The latest on Trump's tariffs
Separately, he reiterated his call for a jumbo rate cut from the Federal Reserve, adding that he "may have to force something" amid easing inflation. Analysts expect the central bank to hold rates steady next week.
Stocks opened lower on Friday after Iran attacked Iran and oil prices surged as investors fled to safe-haven assets.
The Dow Jones Industrial Average (^DJI) dropped about 1%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.3%.
Israel said it targeted Iran's nuclear program. Oil futures (CL=F) soared as much as 13%. Gold futures (GC=F) jumped 1.7% while bitcoin (BTC-USD) partially recovered from an overnight tumble, to hover around $105,000 per token.
RH stock soared 20% premarket Friday after the company reported a surprise profit and maintained its full-year outlook.
The home furnisher reported earnings of $0.13 per share, compared to analyst estimates for a $0.09 loss. Revenue came in at $814 million, slightly below LSEG-compiled estimates for $818 million.
RH has had a rough start to its 2025 fiscal year. The stock is down 55% year to date as the company battled tariffs, market volatility, and a weaker housing market.
On the company's earnings call, RH CEO Gary Friedman outlined some of the company's struggles, particularly with its supply chain in the wake of "Liberation Day" tariffs.
"Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down."
For a two-year stretch, the "Magnificent Seven" stocks led a small cohort of stocks outperforming the S&P 500 (^GSPC). Now, a broader set of names are participating in year-to-date gains, and several Wall Street strategists see that as a bullish sign for markets.
Yahoo Finance's Josh Schafer writes in today's Morning Brief:
Read more here.
Shares in airlines are under pressure from the surge in crude oil prices, which is likely to hike their fuel costs.
United Airlines (UAL) led the stock declines, sliding 5.2% in pre-market trading. Delta Air Lines (DAL) shares fell 4.8%, Southwest Airlines (LUV) backed off 3.1%, and American Airlines (AAL) moved 4.3% lower.
Carriers are already grappling with a slowdown in bookings, the risk of new US tariffs on imported planes, and a hit to consumer confidence from trade tensions.
Israel's attack on Iran's nuclear and military facilities is spooking markets across the board. Here's where major assets stand early on Friday morning amid mounting fears of an escalating conflict.
Oil
Crude futures were up about 8%, with Brent (BZ=F) trading at $74.60 a barrel and West Texas Intermediate (CL=F) at $73.. Both benchmarks were easing back from a steeper spike in the aftermath of the strike, which saw Brent surge over 13%.
Gold
The precious metal jumped 1% to about $3,437 an ounce as investors sought out safer assets. Gold has already risen about 30% this year so far as President Trump's trade policy unsettled markets.
US Dollar
The greenback (DX=F) rose in the rush to havens, gaining over 0.6% against a basket of other major currencies. But some see the rally as more limited than expected, putting its reputation as a crisis shelter to the test.
Bitcoin
The biggest cryptocurrency (BTC-USD) sank as much as 3% against the dollar after the attack. It has pared losses slightly, and is now down about 2% at around $104,800. Other digital tokens also retreated, with ether (ETH-USD) pulling back almost 8% at one point.
Economic data: University of Michigan Consumer Sentiment (June preliminary)
Earnings: No notable earnings releases.
Here are some of the biggest stories you may have missed overnight and early this morning:
What analysts are watching as MidEast war risks loom
Oil surges as Israel strikes on Iran stoke tensions
This year's stock rally is about more than the 'Magnificent 7'
Gold jumps after Israel launches strikes on Iran
Israel hits Iran, warns more attacks to come
Robotaxi wars: How Waymo got the edge on Tesla (so far)
Oil outlook in flux as analysts revise views after Israel strike
US dollar rises in rush to safety after Israel strikes Iran
President Trump weighed in early Friday with his first comments on the escalating situation in the Middle East.
On Truth Social, he posted a screed urging Iran to "make a deal."
The only event on Trump's public schedule today is national security council meeting at 11 a.m. ET.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Israel launched a surprise strike on an Iranian military site overnight. The move raised fears of wider conflict in the region. As a result, energy stocks rose in premarket trading.
Diamondback Energy, Inc. (FANG) stock was up 6%, and Occidental Petroleum Corporation (OXY) rose 5%.
Defense stocks also climbed before the bell as investors reacted to Israel's strike on Iran.
RTX Corporation (RTX) was up 6%, and Lockheed Martin Corporation (LMT) rose 4%.
Bitcoin and other cryptocurrencies fell as the Israeli attack on Iran shook global markets. Both of the two major currencies, bitcoin and ether, held significant losses.
Bloomberg reports:
Read more here.
Asian markets sank late Thursday evening as an Israeli attack on Iran shook global markets, leading to widespread sell-offs as investors sought safer assets.
Reuters reports:
Israel has attacked Iran in the largest recent escalation of tensions in the region. Markets reacted swiftly to the news, with the three major gauges all plunging over 1%.
Gold (GC=F) and oil prices surged with investors scurrying to safer assets, hoping to avoid the worst of a financial shake up.
Iran is the third largest producer of oil within OPEC+, and the attack has caused prices to surge over 5%. Brent crude (BZ=F) futures jumped 5.5% to $73.27 a barrel while West Texas Intermediate surged 5.9% to $72.05 a barrel.
Gold (GC=F) popped 0.9% to $3,434.40 an ounce.
A retaliatory attack from Iran against Israel is expected imminently, with a "special situation" being declared by the Isreali defense minister.
US Secretary of State Marco Rubio said Israel took "unilateral action", clarifying that the US was not involved in the strikes ahead of a sixth meeting between the US and Iran on Sunday.
Read more here.
Stocks opened lower on Friday after Iran attacked Iran and oil prices surged as investors fled to safe-haven assets.
The Dow Jones Industrial Average (^DJI) dropped about 1%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.3%.
Israel said it targeted Iran's nuclear program. Oil futures (CL=F) soared as much as 13%. Gold futures (GC=F) jumped 1.7% while bitcoin (BTC-USD) partially recovered from an overnight tumble, to hover around $105,000 per token.
RH stock soared 20% premarket Friday after the company reported a surprise profit and maintained its full-year outlook.
The home furnisher reported earnings of $0.13 per share, compared to analyst estimates for a $0.09 loss. Revenue came in at $814 million, slightly below LSEG-compiled estimates for $818 million.
RH has had a rough start to its 2025 fiscal year. The stock is down 55% year to date as the company battled tariffs, market volatility, and a weaker housing market.
On the company's earnings call, RH CEO Gary Friedman outlined some of the company's struggles, particularly with its supply chain in the wake of "Liberation Day" tariffs.
"Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down."
For a two-year stretch, the "Magnificent Seven" stocks led a small cohort of stocks outperforming the S&P 500 (^GSPC). Now, a broader set of names are participating in year-to-date gains, and several Wall Street strategists see that as a bullish sign for markets.
Yahoo Finance's Josh Schafer writes in today's Morning Brief:
Read more here.
Shares in airlines are under pressure from the surge in crude oil prices, which is likely to hike their fuel costs.
United Airlines (UAL) led the stock declines, sliding 5.2% in pre-market trading. Delta Air Lines (DAL) shares fell 4.8%, Southwest Airlines (LUV) backed off 3.1%, and American Airlines (AAL) moved 4.3% lower.
Carriers are already grappling with a slowdown in bookings, the risk of new US tariffs on imported planes, and a hit to consumer confidence from trade tensions.
Israel's attack on Iran's nuclear and military facilities is spooking markets across the board. Here's where major assets stand early on Friday morning amid mounting fears of an escalating conflict.
Oil
Crude futures were up about 8%, with Brent (BZ=F) trading at $74.60 a barrel and West Texas Intermediate (CL=F) at $73.. Both benchmarks were easing back from a steeper spike in the aftermath of the strike, which saw Brent surge over 13%.
Gold
The precious metal jumped 1% to about $3,437 an ounce as investors sought out safer assets. Gold has already risen about 30% this year so far as President Trump's trade policy unsettled markets.
US Dollar
The greenback (DX=F) rose in the rush to havens, gaining over 0.6% against a basket of other major currencies. But some see the rally as more limited than expected, putting its reputation as a crisis shelter to the test.
Bitcoin
The biggest cryptocurrency (BTC-USD) sank as much as 3% against the dollar after the attack. It has pared losses slightly, and is now down about 2% at around $104,800. Other digital tokens also retreated, with ether (ETH-USD) pulling back almost 8% at one point.
Economic data: University of Michigan Consumer Sentiment (June preliminary)
Earnings: No notable earnings releases.
Here are some of the biggest stories you may have missed overnight and early this morning:
What analysts are watching as MidEast war risks loom
Oil surges as Israel strikes on Iran stoke tensions
This year's stock rally is about more than the 'Magnificent 7'
Gold jumps after Israel launches strikes on Iran
Israel hits Iran, warns more attacks to come
Robotaxi wars: How Waymo got the edge on Tesla (so far)
Oil outlook in flux as analysts revise views after Israel strike
US dollar rises in rush to safety after Israel strikes Iran
President Trump weighed in early Friday with his first comments on the escalating situation in the Middle East.
On Truth Social, he posted a screed urging Iran to "make a deal."
The only event on Trump's public schedule today is national security council meeting at 11 a.m. ET.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Israel launched a surprise strike on an Iranian military site overnight. The move raised fears of wider conflict in the region. As a result, energy stocks rose in premarket trading.
Diamondback Energy, Inc. (FANG) stock was up 6%, and Occidental Petroleum Corporation (OXY) rose 5%.
Defense stocks also climbed before the bell as investors reacted to Israel's strike on Iran.
RTX Corporation (RTX) was up 6%, and Lockheed Martin Corporation (LMT) rose 4%.
Bitcoin and other cryptocurrencies fell as the Israeli attack on Iran shook global markets. Both of the two major currencies, bitcoin and ether, held significant losses.
Bloomberg reports:
Read more here.
Asian markets sank late Thursday evening as an Israeli attack on Iran shook global markets, leading to widespread sell-offs as investors sought safer assets.
Reuters reports:
Israel has attacked Iran in the largest recent escalation of tensions in the region. Markets reacted swiftly to the news, with the three major gauges all plunging over 1%.
Gold (GC=F) and oil prices surged with investors scurrying to safer assets, hoping to avoid the worst of a financial shake up.
Iran is the third largest producer of oil within OPEC+, and the attack has caused prices to surge over 5%. Brent crude (BZ=F) futures jumped 5.5% to $73.27 a barrel while West Texas Intermediate surged 5.9% to $72.05 a barrel.
Gold (GC=F) popped 0.9% to $3,434.40 an ounce.
A retaliatory attack from Iran against Israel is expected imminently, with a "special situation" being declared by the Isreali defense minister.
US Secretary of State Marco Rubio said Israel took "unilateral action", clarifying that the US was not involved in the strikes ahead of a sixth meeting between the US and Iran on Sunday.
Read more here.
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Israeli rescuers said Saturday that they were treating 21 people wounded in a rocket strike that hit the country's coast. Rescuers said earlier that 34 people had been wounded in the Gush Dan area, including a woman who later died of her injuries, according to Israeli media reports. - US involvement? - Iran's Foreign Minister Abbas Araghchi called the Israeli attacks "a declaration of war" and urged action from the UN Security Council, which held an emergency meeting on Friday. Tehran had previously warned it would hit US military bases in the Middle East if conflict occurred. The United States pulled out non-essential personnel from several sites days ahead of the Israeli attack. US President Donald Trump said Israel fully informed him of its raids ahead of time, but insisted Washington was not involved. He warned Iran that the "next planned attacks" will be "even more brutal" and said Tehran should cut a deal to roll back its nuclear programme "before there is nothing left". Trump has repeatedly said he will not allow Iran to develop nuclear weapons. His secretary of state Marco Rubio warned Iran not to target US interests or personnel in the Middle East. - Nuclear programme - Tehran has long denied seeking atomic bombs but had been enriching uranium to 60 percent -- far above the 3.67-percent limit set by a largely obsolete 2015 agreement with major powers. However, Iran's 60-percent enrichment level is still short of the 90 percent threshold needed for a nuclear warhead. The United States and Iran had been holding talks on Tehran's nuclear programme. The next round, scheduled for Sunday in Oman, now looks to be cancelled. - Reactions - The attack, and Iran's response, is fuelling international alarm. Many capitals have urged restraint, fearing the consequences if the Israel-Iran conflict widened and drew in the United States, and if Middle East oil production and shipments were impacted. The UN's atomic energy agency planned an emergency meeting for Monday. UN chief Antonio Guterres called on Israel and Iran to halt their conflict, saying: "Peace and diplomacy must prevail." Israel, Iran, Iraq, Jordan and Syria closed their airspaces, and several airlines cancelled flights servicing the region. Oil prices surged on Friday, trading sharply up to around $75 a barrel before falling back a little. Analysts underlined the risk to the 20 percent of the world's crude oil supplies that are shipped through the narrow Strait of Hormuz in the Gulf. burs/rmb/gv/ami/sco/cms
