Stocks managed to pare back most of their steep losses
After spending most of the day deep in the red, the major indexes trimmed earlier losses, with the Nasdaq eking out a finish above breakeven. The S&P 500 settled flat, while the Dow struggled to claw its way out of a triple-digit deficit, though it significantly improved off session lows. The U.S.-Israel conflict with Iran is escalating, however, with the latter threatening to set any ship that crosses the Strait of Hormuz on fire, per the Revolutionary Guards commander.
Continue reading for more on today's market, including:
- At-risk airline stock sinks amid mass flight cancelations.
- 2 key levels loom as support for struggling Microsoft stock.
- Plus, crude giants ripe for upgrades; defense sector surges; and 25 best stocks for March.
5 Things to Know Today
- The first flight in days took off from Dubai in the UAE, following a mass shutdown of air travel amid Iranian retaliation on U.S. military bases. (CNBC)
- Municipal bonds are offering reprieve to investors looking for a safe haven amid escalating geopolitical tensions. (Bloomberg)
- A pair of crude stocks to watch as black gold rises.
- Defense stock logs record high amid sector boost.
- Watch these 25 historic March outperformers.
Oil, Gold Prices Settle Firmly Higher
Crude prices surged after Iran reportedly closed the Strait of Hormuz, where one-third of oil exports are moved through. March-dated West Texas Intermediate (WTI) crude added 6.3% to settle at $71.23 per barrel, after earlier surging as much as 12%.
As investors monitor the Middle East conflict, gold futures settled higher after an early morning surge. There was also a spike in the U.S. dollar. April-dated gold futures rose 1% to settle at $5,299.50 an ounce.