Stock market today: Oil gains while share prices fall after Israel strikes back at Hamas attack

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Oil 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

FILE - A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Sept. 20, 2023. Share prices were mixed on Monday, Oct. 9, after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. FILE - A person stands in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, on Sept. 11, 2023. Share prices were mixed on Monday, Oct.

“Disruptions or escalations in the region can have far-reaching implications for energy markets, global supply chains, and geopolitical dynamics,” Stephen Innes of SPI Asset Management said in a commentary.Sam Bankman-Fried stole customer funds from the beginning of FTX, exchange’s co-founder tells juryThe fighting has not yet had any discernible impact on oil output, but geopolitical escalations in the Middle East typically lead to a “buy-first-ask-questions-later” response, he said.

Tel Aviv’s main stock benchmark was down 0.4%. It closed 6.5% lower Sunday, after the attacks. Early Monday, Israel’s Central Bank said it will sell up to $30 billion in foreign exchange to prop up the shekel, which fell to a near 8-year low. It also said it will provide up to $15 billion to support market liquidity.In times of war, the U.S. dollar is often sought as a safe haven, as is gold. The price of gold was up 1.1% early Monday at $1,865.00 per ounce.Germany’s DAX lost 0.5% to 15,154.

Reports this week on inflation at both the consumer and wholesale levels are the next big data points due before the Fed makes its next announcement on interest rates on Nov. 1.

 

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