Stocks Slump, Oil Drops as Middle East Tensions Flare

Stocks fell globally while bonds and gold climbed amid concerns over escalating Israel-Hamas conflict and wider Middle East instability.

Oil prices dropped after hitting $90/barrel as volatility surged in commodity markets due to Middle East tensions.

US stocks approached 200-day moving average, with S&P 500 heading for 4th straight loss. Treasury yields pared weekly gains.

Earnings reports reactions were overshadowed by geopolitics and yields. Frequency of big market-wide stock moves increased during earnings season.

Hamas said two US citizens held in Gaza have been released. Regional leaders head to Cairo for summit on crisis as Israel continues strikes.