By Caitlin McCabe
Oil prices surged and stock futures dropped after Israel attacked Iranian nuclear sites and military leaders, and Tehran retaliated with drone strikes.
Stocks around the world fell early Friday, while the dollar strengthened somewhat after Thursday's decline. Gold futures rose around 1%, reflecting a rush into haven assets.
Fears the attack could spiral into a wider, full-scale conflict sent stocks falling around the world early Friday. Investors rushed to assets perceived as less risky. Gold futures rose 1% and the dollar strengthened.
In the U.S., the University of Michigan's preliminary consumer survey for June is due at 10 a.m. ET. The previous reading showed Americans were gloomy about the economy, with the index near its lowest-ever level, and with consumers braced for a surge in inflation.
However, sentiment picked up later in May, compared to an initial readout earlier in the month, after the White House announced its trade truce with China. That pact was restored this week after further tensions.
Meantime, House Republicans narrowly passed a $9.4 billion rescissions package that includes cuts to foreign aid as well as the entity that funds National Public Radio and the Public Broadcasting Service. The package now heads to the Senate, where it could face further scrutiny.
In recent trading:
--Oil prices jumped. Brent crude futures rose roughly 6%, topping $73 a barrel.
--Stock futures slid. Contracts tied to the S&P 500, Dow industrials and Nasdaq-100 each fell more than 1%.
--Gold gained. Futures rose above $3,440 a troy ounce.
--Stocks in Europe and Asia slipped. Most Middle Eastern stock exchanges are closed Fridays.
--The WSJ Dollar Index strengthened modestly, after settling Thursday at its lowest level in nearly two years. Treasury bonds were little changed.
--Israel's shekel fell more than 1% against the dollar.
--The Cboe Volatility Index-known as the VIX, or Wall Street's fear gauge-jumped above 20. Generally, anything over 20 indicates that investor nervousness is rising.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
June 13, 2025 05:40 ET (09:40 GMT)
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