U.S. stocks fell in premarket trading after the United States and Israel clashed with Iran over the weekend.
The Invesco QQQ exchange-traded fund (ETF), which tracks the Nasdaq 100, fell 1.5%, although early losses have begun to slow, suggesting initial concerns may have been overblown.
A Saudi Arabian refinery was hit by Iran’s reaction, pushing WTI crude to $75 a barrel. It recently traded below $72, but is still up 8% in the past 24 hours.
Gold prices rose more than 2% in the past day to $5,400 an ounce, approaching record highs near $5,600, as investors sought traditional safe-haven assets. It also fell back after an initial surge.
Bitcoin It has been holding firm, trading above $66,000, up about 1% in the past 24 hours. That marked a slight departure from its recent correlation with software stocks, as the iShares Expanded Tech-Software Sector ETF (IGV) fell about 1%.
Among cryptocurrency-related stocks, Strategy (MSTR), the largest public holder of Bitcoin, was little changed. Crypto exchange Bullish (BLSH), the parent company of CoinDesk, fell 4%, while artificial intelligence-focused miners Cipher Digital (CIFR) and IREN (IREN) both fell about 3%. Cryptocurrency exchange Coinbase (COIN) fell 2%.
The conflict pushed the U.S. dollar index (DXY) higher to 98.2. Meanwhile, the S&P 500 Volatility Index (VIX) and the U.S. Bond Market Volatility Index (MOVE) both rose more than 10%, reflecting heightened market uncertainty.
