Fire and smoke rises following an Israeli airstrike, in Gaza City, Saturday, Oct. 7, 2023. The militant Hamas rulers of the Gaza Strip carried out an unprecedented, multi-front attack on Israel at daybreak Saturday, firing thousands of rockets as dozens of Hamas fighters infiltrated the heavily fortified border in several locations by air, land, and sea, killing dozens and stunning the country. Palestinian health officials reported scores of deaths from Israeli airstrikes in Gaza.
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.
On the opposite end were companies that count fuel as among their biggest expenses. American Airlines sank 4.5%, and Norwegian Cruse Line fell 4.4%. 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.
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