le gold prices gained and global stock markets teetered ahead of U.S. markets opening on Monday. Neither Israel nor the surrounding Palestinian-controlled territories are major oil producers. But the broader Middle East region is. The risk is that Israel could become engulfed in a wider conflict with Muslim countries accused of financially supporting terrorists – namely Iran and Saudi Arabia.
Geopolitical shocks can certainly cause markets to gyrate in the near term. But they tend not to drive major long-term trends. Closer to home, the U.S. is also facing political turmoil in Congress following the ouster of House Speaker Kevin McCarthy by a small handful of fiscally conservative Republicans. Rep. Jim Jordan is a leading candidate for the job to replace McCarthy, having been endorsed by former President Donald Trump.