US stocks swing between losses and gains on uncertainty about how long the war with Iran will last
US stocks experienced volatility on Tuesday due to uncertainty about the duration of the war with Iran. The S&P 500 and Dow Jones Industrial Average saw gains and losses throughout the day, with the price of crude oil rising 2.8% to $102.71 per barrel.
The US stock market was volatile on Tuesday. The S&P 500 initially dropped 0.8% but later turned around, gaining 0.1% by midday. The Dow Jones Industrial Average added 149 points, or 0.3%. The Nasdaq composite slipped 0.3%. The price of crude oil rose 2.8% to $102.71 per barrel. The market reacted to uncertainty about the war with Iran. Attacks continued in the Middle East despite hopes of a resolution. Pakistan's Prime Minister offered to facilitate talks to end the war. Treasury yields rose, putting pressure on financial markets. The yield on the 10-year Treasury rose to 4.36%. The Fed may hike interest rates by December to combat inflation. Some stocks saw significant gains or losses. Estee Lauder dropped 9.3% after confirming merger talks. Smithfield Foods rose 5.3% after reporting strong profits. Oil-related companies like Exxon Mobil and ConocoPhillips also saw gains.
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