Stocks sank Friday, as escalating tensions between Israel and Iran rattled markets and sent investors fleeing risk. The Dow shed 769 points, while the S&P 500 and Nasdaq also logged sharp losses -- with all three benchmarks turning in steep weekly declines. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), notched its third-straight win and surged nearly 25% on the week.
The selloff accelerated late in the session, following reports that Iran had launched retaliatory missile strikes toward Israel. Earlier in the day, Israeli forces initiated a wave of airstrikes and declared a state of emergency, with U.S. officials confirming no direct involvement. President Donald Trump also weighed in, urging Iran to return to nuclear negotiations and warning of “planned attacks.”
Continue reading for more on today's market, including:
- See what drove Wall Street's action during the volatile week.
- What to know ahead of the Juneteenth holiday.
- Plus, a buy-the-dip chip giant, and stocks to watch as Middle East tensions escalate.
5 Things to Know Today
- Ongoing coverage of the Israel-Iran conflict. (Bloomberg)
- A federal judged blocked Trump's election overhaul effort. (Reuters)
- This semiconductor stock is flashing a "buy" signal.
- Why oil stocks surged on renewed political risks.
- Three gold stocks that could shine in today's choppy environment.
Commodities Surge as Geopolitical Tensions Escalate
Oil prices surged today, as Israel’s airstrikes against Iran fueled fears of a broader Middle East conflict and potential supply disruptions. July-dated West Texas Intermediate (WTI) crude jumped $4.94, or 7.3%, to close at $72.98 per barrel -- its highest level since March 2022. For the week, black gold gained roughly 10%.
Gold prices also rallied on safe-haven demand, with August-dated gold futures rising 1.5% to settle at $3,452.80 per ounce, nearing April’s record highs.
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