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Stocks fell on Wednesday, as a tightening in Middle East tensions was reflected in a jump in oil prices and investors digested lackluster earnings from Morgan Stanley.
The Dow Jones Industrial Average (^DJI) fell about 0.6% while the benchmark S&P 500 (^GSPC) dropped 0.8% and the tech-heavy Nasdaq Composite (^IXIC) slipped 0.7%.
Just before noon on Wednesday, the yield on the 30-year Treasury (^TYX) rose above 5% while the 10-year Treasury yield (^TNX) pressed above 4.9%, its highest level since 2006.
Caution prevailed in markets as Israeli and Palestinian authorities traded blame for an explosion at a hospital in Gaza.
President Joe Biden landed in Israel on Wednesday, but Jordan canceled a planned summit with Arab leaders after the Gaza blast. Biden’s comment that the “other team” was responsible dimmed hopes for a diplomatic solution and highlighted the risk of a full-blown regional conflict.
Oil prices moved up more than 1%, with gains stacking up after Iran’s foreign minister called for an embargo against Israel. Crude oil (CL=F) futures climbed to $88 a barrel, while Brent crude (BZ=F) traded at $91 a barrel at the last check.
Rising fuel prices give investors another inflation factor to consider as they weigh the Federal Reserve’s next move in interest rates. The major US stock indexes closed mostly flat on Tuesday after strong retail sales spurred expectations that the Fed will hike again this year.
After the bell, Tesla (TSLA) and Netflix (NFLX) lead out tech earnings, which will be closely watched for any impact from “higher for longer” interest rates.
Among techs, shares of ASML (ASML, ASML.AS) fell after the Dutch chip equipment maker warned about flat sales ahead, as customers slow orders thanks to an uncertain economic backdrop.
Meanwhile, Nvidia (NVDA) stock retreated alongside other semiconductor makers after the US tightened curbs on AI chip technology exports to China, though there could be a lifeline in the rules.
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