Major indexes pared back significant losses seen earlier in the day, but the Dow still marked a third-straight loss as it fell triple digits. The Nasdaq and S&P 500 also settled firmly lower, despite investors relishing in President Trump's claims he would have the U.S. Navy escort shipments across the Strait of Hormuz if necessary. Iran yesterday closed the crude exportation route as a form of retaliation over U.S.-Israel attacks.
Meanwhile, the 10-year Treasury yield cooled off from an intense early morning jump, but was still up 4% at last glance . The market's "fear gauge," or Cboe Volatility Index (VIX), logged its fourth-straight gain as well as its highest close since Nov. 20.
U.S. Dollar Dings Gold Prices
Crude settled higher, but trimmed earlier gains following Trump's claims that the U.S. would insure tankers transiting through the Strait of Hormuz amid Iran's threats. March-dated West Texas Intermediate (WTI) crude added 3.6% or $2.58to settle at $73.81 per barrel.
A stronger U.S. dollar indicated investors were drawn to the greenback over safe-haven assets and betting against interest rate cuts. April-dated gold futures fell 2.8% to settle at $5,161.50 an ounce.
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