S&P 500 Falls 1% as Oil Jump Spurs Flight to Bonds: Markets Wrap
- Brent crude hits $90 a barrel as Middle East tensions escalate
- Fed’s Kashkari floats possibility of no rate cuts this year
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Stocks fell ahead of Friday’s jobs report as a rally in oil amid geopolitical tensions triggered a flight to the safest corners of the market. Treasuries climbed and the dollar ended near session highs.
The S&P 500 dropped 1.2%, erasing gains. Brent crude topped $90 a barrel as Israeli Prime Minister Benjamin Netanyahu said at a security cabinet meeting his country will operate against Iran and its proxies and will hurt those who seek to harm it. President Joe Biden told Netanyahu on a call that US support for his war would depend on new steps to protect civilians.