Stock Market Is “On Edge” as Middle East Tensions Jolts Traders
- Volatility spikes, Big Tech shares lead selloff in S&P 500
- Escalation won’t ‘derail the bull market”: Pictet’s Paolini
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One day after hitting an all-time high, US stocks are in retreat Tuesday and volatility is rising on reports that Iran is preparing to launch a ballistic missile attack against Israel within the next 12 hours.
The S&P 500 Index fell as much as 1.4%, its worst intraday decline in three weeks, with the information technology sector dragging down the index, which has since regained some of that decline. Apple Inc., Nvidia Corp and Microsoft Corp. were by far the biggest weights on the benchmark. Meanwhile, the Cboe Volatility Index, also known as the VIX, jumped sharply to the highest level in nearly a month.