Premarket: Stocks steady, oil gains amid muted market impact of Middle East tensions

Most stocks held firm on Wednesday, while oil prices and some safe haven assets rose, suggesting that the market impact of escalating Middle East tensions has been contained for now.

“While these events typically reconcile in a market-positive fashion, the tail risk it can throw up is clearly significant,” Weston said. “The situation remains fluid, and the slightest calming or increased aggression in the rhetoric from Israel or Iran could result in a sizeable impact on sentiment in markets.”

“Speculation of an Israeli strike on Iranian oil fields seems unlikely, as such a move would likely drive oil prices toward $80, displeasing Israel’s allies, who are making strides against inflation,” said Tony Sycamore, an analyst at IG. Gold eased 0.3% to $2,654.27 per ounce, following a more than 1% jump in the previous session that brought it close to last month’s record high at $2,685.42, as a flight to the safe-haven dollar constrained the precious metal’s gains.The dollar index, which tracks the U.S. currency versus the euro and five other major rivals, was steady at 101.25 after pushing as high as 101.39 on Tuesday for the first time since Sept. 19.

Meanwhile, U.S. figures overnight showed a solid economy, a day after Fed Chair Jerome Powell pushed back against the likelihood of another 50 basis point rate cut when the U.S. central bank meets next month.

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