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U.S. stocks fell sharply Friday as Middle East tensions intensified after Iran launched missile strikes on Israel, prompting fears of a broader conflict, surging oil prices, and potential economic slowdown. The S&P 500 dropped 1.2%, the Dow Jones lost 769 points (1.8%), and the Nasdaq declined 1.3%.
Iran’s retaliatory strike came in response to Israel’s attack on Tehran’s nuclear and military sites—the largest assault on Iran since the 1980s. Israel has vowed further strikes, while former President Trump urged Iran to reenter nuclear negotiations, warning of more devastating attacks if no deal is reached.
The flare-up has rattled global markets, especially as the region is key to global oil production. Over 100 drones were reportedly launched by Iran, triggering emergency alerts across Israel. The rising risk of supply disruption sent oil prices soaring, boosting energy stocks like Halliburton, APA Corp, and EOG Resources.
In contrast, airline stocks such as Delta and United plunged on fears of rising fuel costs, while defense stocks including Lockheed Martin and Northrop Grumman rallied amid expectations of increased military spending.
Economic data offered mixed signals. The University of Michigan’s consumer sentiment index rebounded to 60.5 in June, suggesting easing concern over recent U.S. tariff hikes. Meanwhile, inflation indicators like the PPI and CPI remained subdued, though Trump reignited trade tension by threatening higher auto tariffs and announcing upcoming letters to major U.S. trade partners.
Tech stocks were mixed. Adobe dipped despite raising guidance, while Apple ticked higher as it regained top smartphone market share in China, with a 15% global sales increase in April-May.
Markets now brace for potential escalation in the Iran-Israel conflict and further economic ripple effects across global oil and equity markets.
