XLRE - Stocks Suffer Safe Havens Rise As Investors Fear Escalation In Middle East: What's Driving Markets Friday? | Benzinga
Risk sentiment remains extremely fragile as the week draws to a close, with the threat of an escalation in the Middle East intensifying. All major stock indices are trading in negative territory as of 1 p.m. in New York, extending their weekly losses.
Clashes persist between Israel and Hamas, while Israeli forces are engaged in conflict with Hezbollah on the northern border near Lebanon.
A meeting of global leaders is scheduled Saturday in Cairo, Egypt, to discuss the possibility of a ceasefire. Humanitarian aid remains awaiting clearance for entry into Gaza.
Investors flocked to safe haven assets, with gold and Treasurys rising.
Fed speakers delivered conflicting remarks. Philadelphia Fed President Patrick Harker hinted at his preference for a pause, while Cleveland Fed President Loretta Mester said she remains aligned with the Fed forecasts, eyeing one more increase.
Cues From Friday’s Trading:
The S&P 500 fell 0.6%, extending weekly declined to 1.9%. The Nasdaq 100 underperformed, down 0.8% for the session, and over 2% for the week. Blue chips limited the slump, with the Dow falling 0.3% Friday and slightly more than 1% for the week.
US Index Performance On Friday
Index Performance (+/-) Value
Nasdaq 100 -0.77% 14,664.17
S&P 500 Index -0.60% 4,252.88
Dow Industrials -0.79% 33,321.65
Russell 2000 -0.44% 1,695.97
Analyst Color:
Amid the gloom seen in recent sessions, an analyst highlighted two data ...