Market Musings 10/28/2024
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
Oil prices sharply fall after Israel’s retaliation avoids Iran energy.
Over the weekend, Israel attacked Iran in retaliation for their missile strike at the beginning of the month.
Markets were relieved as Israel avoided hitting Iran’s nuclear or oil facilities which had been reportedly under consideration.
Crude oil prices fell -5% from Friday. With almost a third of global oil produced in the Middle East, any uncertainty around supply can have significant impact on oil pricing.
This led markets to rally higher with broad gains. Financials led today along with airlines benefitting from lower fuel costs.
With Israel’s attack, #GlobalTension in the Middle East continues to escalate. Iran has not vowed to retaliate back yet, but it still remains to be seen if they will.
We continue to see #GlobalTension as a wildcard with wide-reaching implications as the US domestically focuses on achieving a #Goldilocks economic soft landing.
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Original Photo by Pixabay.