Overview

• Markets fell sharply after Iran’s retaliatory air strike on Israel, with the S&P 500 down 1.1%, the Nasdaq 100 off 1.3% and the Russell 2000 slipping 1.85% for the week.
• Oil prices surged to multi-month highs, stoking fuel cost concerns and dragging cruise lines and travel stocks lower.
• US airlines including Delta, American and United saw shares decline on fears of higher fuel bills and potential supply disruptions.
• Energy sector stocks were the only group to finish in positive territory, posting a second day of gains as investors sought stability.
• Mixed corporate earnings split sentiment, with Oracle jumping after strong cloud revenue, Adobe dropping despite beating Q2 estimates and RH rising on a robust quarterly report.