Today's stock market: the Dow drops 475 points as Israel gets ready for a possible Iranian attack.

Photo-MSN

US stocks experienced a significant sell-off on Friday, marked by the Dow Jones Industrial Average dropping nearly 500 points amidst growing concerns over a potential Iranian attack on Israel. Intelligence reports suggested an imminent threat of an attack by Iran or its proxies, possibly involving drones targeting Israeli territory. This escalation followed Israel's recent missile strike in Syria, which resulted in the deaths of seven Iranian military personnel.

The mounting tensions in the Middle East led to a surge in oil prices and a decline in bond yields. Additionally, investors reacted to the first-quarter earnings reports, particularly from major banks like JPMorgan, Wells Fargo, and Citigroup. While these banks exceeded expectations in their financial results, their stocks saw significant sell-offs, with JPMorgan plummeting more than 6%.

At the close of trading, the S&P 500 dropped by 1.46%, the Dow Jones Industrial Average fell by 1.24% (equivalent to a 475.84-point decline), and the Nasdaq Composite was down by 1.62%. In other market news, analysts predicted a potential surge in Apple's stock price, citing underestimated earnings power, while forecasts suggested that the Federal Reserve would delay its first interest rate cut until December due to persistent inflationary pressures.

On the inflation front, US import prices continued to rise for the third consecutive month in March, largely driven by the recent spike in oil prices. In commodity markets, West Texas Intermediate crude oil and Brent crude both saw gains, while gold prices experienced a decline. The 10-year Treasury yield also dropped, while Bitcoin prices declined.

Overall, the day's trading reflected a mix of geopolitical tensions, earnings reports, and economic indicators shaping investor sentiment across various asset classes.

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