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US stocks fell on Monday as investors worried about an escalation of the conflict between Israel and Iran.
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The risky nature of Monday’s market action sent 10-year Treasury yields to 2024 highs.
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March retail sales rose 0.7%, more than double consensus estimates of 0.3%.
US stocks reversed their Monday morning gains to end the day significantly lower as investors worried about a possible escalation of the Israel-Iran conflict.
Iran fired hundreds of missiles and drones at Israel, but its defense system, working with its allies, intercepted almost all the projectiles.
“Iranian officials have said this concludes the response and markets are hoping the situation will de-escalate from here on out. However, this situation is far from over and headlines continue to bounce back and forth throughout the day,” the NYSE said market. says strategist Michael Reinking.
A source told NBC News that a retaliatory strike by Israel on Iran could be “imminent.” Allies of Israel have warned the country against escalating the conflict further.
In addition, retail sales rose 0.7% in March, more than double consensus expectations of 0.3%. The combination of solid retail sales data and the risky nature of the Israel-Iran conflict sent 10-year Treasury yields to their highest levels in 2024 and the highest since November.
Here’s where the US indexes stood at 4pm on Monday:
Here’s what else happened today:
In commodities, bonds and crypto:
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West Texas Intermediate crude fell 0.19% to $85.50 a barrel. Brent crude, the international benchmark, fell 0.27% to $90.21 per barrel.
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Gold rose 1.04% to $2,398.80 an ounce.
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The yield on ten-year government bonds rose by 9 basis points to 4.62%.
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Bitcoin fell 3.43% to $63,506.
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