U.S. stocks fell in premarket trade after the U.S. and Israel clashed with Iran over the weekend.
The Invesco QQQ exchange-traded fund (ETF), which tracks the Nasdaq 100 index, fell 1.5%, although early losses have begun to ease, suggesting that initial concerns may have been somewhat overstated.
An oil refinery in Saudi Arabia was hit by Iran’s response, pushing WTI crude as high as $75 a barrel. barrel. It recently traded below $72, but remains 8% higher over the past 24 hours.
Gold rose more than 2% in the past 24 hours to $5,400 an ounce, bringing it within reach of its all-time high near $5,600 as investors sought traditional safe havens. It also retreated after an initial surge.
Bitcoin has stopped trading over $66,000 and gained about 1% in the past 24 hours. This marks a modest departure from its recent correlation with software stocks, as the iShares Expanded Tech-Software Sector ETF ( IGV ) is down about 1%.
Among crypto-related stocks, Strategy ( MSTR ), the largest publicly traded company owner of bitcoin, is little changed. Crypto-exchange Bullish ( BLSH ), CoinDesk’s parent company, is down 4%, while AI-focused miners Cipher Digital ( CIFR ) and IREN ( IREN ) are both lower by about 3%. Crypto exchange Coinbase (COIN) is down 2%.
The conflict pushed the US dollar index (DXY) up to 98.2. At the same time, both the S&P 500 Volatility Index (VIX) and the US Bond Market Volatility Index (MOVE) have risen by more than 10%, reflecting increased market uncertainty.
