Stock market today: Oil prices and defense stocks climb after Israel declares war on Hamas

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President Biden, his cabinet and bipartisan members of Congress are all vowing support for one of the U.S.' closest allies.

NEW YORK — Oil prices are climbing, and stocks are wavering Monday as violence in the Middle East injects more caution into financial markets.against Israel, which then formally declared war. The Dow Jones Industrial Average was up 6 points, or less than 0.1%, as of 12:30 p.m. Eastern time, and the Nasdaq composite was 0.4% lower.

The conflict could also hurt the possibility of potential improvement in relations between Israel and Saudi Arabia, which is the world’s second-largest producer of oil. Traders may be taking off some bets that Saudi Arabia would raise its oil output to help secure a deal on Israel with the United States, according to Singh.

Stocks of defense contractors that make weapons were also particularly strong. Northrop Grumman rallied 11.2%, and Lockheed Martin gained 7.9%. The Fed has already hiked its overnight rate to the highest level since 2001, and it indicated last month it may cut rates next year by less than earlier expected. With the Fed also continuing to shrink its trove of bond investments, the yield on the 10-year Treasury has jumped to its highest level since 2007.

For investments, higher yields could also mean a reset in how much investors are willing to pay for stocks of money-losing companies, said David Mericle and Ronnie Walker. Many investors were happy to pay high prices and wait a long time for growth to come to fruition because 10-year yields were so low. But will they when they can make nearly 5% instead?

 

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Stock market today: Oil gains while share prices fall after Israel strikes back at Hamas attackOil prices have surged and share prices are mostly lower after the the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. U.S. futures declined and oil prices fell back slightly after gaining more than $3 a barrel. Israel announced it was moving to support its currency, the shekel. Tokyo and several other Asian markets were closed for holidays on Monday. The bond market in the U.S. will be closed Monday for the Columbus Day holiday. On Friday, Wall Street rall
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