"From Orderly Selloff, To Panic": Stocks, Bonds Plunge As Oil, Dollar Soar On Iran War

Global markets are experiencing a sharp downturn, led by US equity futures, due to escalating tensions from the Iran conflict. Oil prices and the US dollar surged, while government bonds plunged due to inflation fears. Leading tech stocks, including the "Mag 7", are significantly down in pre-market trading, with only energy stocks showing gains. European and Asian stock markets also face considerable losses, with this being the worst two-day drop since April. Several companies reported earnings that led to significant price movements, for example Best Buy climbing, while MongoDB plummeted. The conflict has heightened concerns about energy market disruptions and rising inflation, increasing expectations that they will extend. Treasury yields rose with decreased expectations for Federal Reserve rate cuts as oil prices spiked. The situation in the Strait of Hormuz, a key oil transit point, is a major focus as war continues. The escalating conflict has led to a flight to safety, with the dollar gaining and other currencies weakening.