Posted 10/9/2023, 4:34:40 PM
Stocks Slip as Middle East Tensions Send Oil Prices Surging
- Stocks edge lower as Middle East conflict rattles markets
- Islamist militant group Hamas launched attack on Israel, prompting declaration of war
- Oil prices jump amid speculation key producers could be pulled into conflict
- Rising oil prices could add to inflation pressures ahead of expected Fed rate hike
- Investors face reality that borrowing costs likely to stay higher for longer
- Upcoming CPI data and Fed meeting minutes could provide more insight into rate path
- Airline stocks sink as oil rises and geopolitical fears swirl
- Energy and defense stocks gain on escalating Middle East tensions
- Oil prices pop as concerns mount over potential supply disruptions
- Overall stocks mixed/lower as geopolitical uncertainty weighs