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US stocks edged lower on Friday as investors assessed Israel’s strike against Iran.
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The missile strike was limited and is seen as symbolic and could serve as an off-ramp to avoid further conflict.
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Oil prices spiked more than 3% in wake of the attack, but has since erased all of those gains.
US stocks moved slightly lower on Friday as investors assess Israel’s direct strike against Iran.
The reported missile strike, which targeted key military sites in Isfahan, was largely seen as symbolic and could serve as an off-ramp to avoid further conflict.
“Similar to the situation heading into last weekend the response seemed well telegraphed and left minimal damage and casualties. Press is suggesting that the tit-for-tat response was designed to de-escalate the situation and commentary from Iranian sources have suggested there is no immediate plan for retaliation,” NYSE market strategist Michael Reinking said.
Oil prices surged overnight following news of the strike, with WTI Crude Oil surging more than 3%, but it has since erased those gains and has moved lower.
Investors continue to digest US earnings results, with Netflix the latest megacap to report its first-quarter results.
So far, of the 13% of S&P 500 companies that have reported earnings results, 77% of them have beat profit estimates by a median of 7%, while 55% beat revenue estimates by a median of 3%, according to data from Fundstrat.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
Here’s what else is going on today:
In commodities, bonds, and crypto:
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West Texas Intermediate crude oil dropped 0.74% to $81.49 a barrel. Brent crude, the international benchmark, fell 0.77% to $86.44 a barrel.
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Gold edged lower by 0.29% to $2,391.10 per ounce.
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The 10-year Treasury yield fell 2 basis points to 4.60%.
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Bitcoin edged higher by 1.81% to $64,663.
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