As tensions escalated in the Middle East and concerns about inflation lingered, US stocks took a hit on Friday morning. The Dow fell by 361 points, representing a 0.9% drop, while the S&P 500 and Nasdaq Composite also experienced declines of 1% and 1.3%, respectively. The US and Israel are on high alert for a potential attack from Iran or its proxies following recent events in Damascus, which has contributed to the spike in oil prices.
In the midst of the market decline, energy and utility stocks were among the few areas that saw gains on Friday morning. The price of gold futures also rose, reaching approximately $2,441 per troy ounce, as investors turned to the precious metal as a safe haven investment. JPMorgan Chase CEO, Jamie Dimon, highlighted the impact of geopolitical turmoil and persistent inflation on investor concerns, particularly emphasizing the potential ramifications of high oil and gas prices on the global economy.
As investors grapple with uncertainties surrounding inflation and geopolitical tensions, JPMorgan Chase shares plummeted by 5.9% on Friday morning. Additionally, recent data revealed a dampened sentiment among Americans towards the economy due to stubborn inflation. The University of Michigan’s consumer survey for April showed that sentiment remained relatively steady, reflecting the ongoing economic challenges faced by individuals and businesses.