A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The 2024 gangbusters rally in stocks has skidded to a screeching halt. The S&P 500 index has fallen 4.6% so far in April, and all three major US indexes are on track for their first negative month since last October.
Iran launched airstrikes at Israel over the weekend in retaliation for a suspected Israeli strike on its embassy compound in Syria earlier this month. Israel carried out a strike inside Iran in response, a US official told CNN Friday. Israel has not commented, while Iranian officials and state-aligned media have so far sought to play down the incident. Oil prices initially spiked higher on reports of the attack on Iran but reversed those gains as the limited nature of the action became apparent.