The stock market fell and crude oil prices skyrocketed as the U.S. and Israel launched heavy attacks on Iran. Crude and LNG shipments essentially halted through the Strait of Hormuz. Treasury yields also jumped. The Dow Jones and Russell 2000 were the hardest hit. The Nasdaq fell modestly as software continued to rebound while AI chipmakers Broadcom (AVGO) and Marvell Technology(MRVL) jumped on earnings. Still, all of the key indexes are below their 50-day moving averages.
The jobs report stunned with a sizable drop in nonfarm payrolls, adding to market woes on Friday.
This is one of the few silver linings. As a consequence of the oil crisis in the 1970s, people purchased smaller cars for decades. Only after the memory started to fade did people gradually switch to the behemoths we see today.