Highlights
Another day of rising oil prices and global bond yields undercut equities on Tuesday after more military strikes in the Persian Gulf. The Dow Jones industrial average fell 0.8 percent, the S&P 500 lost 0.7 percent, and the Nasdaq dropped 1.0 percent.
Stocks saw a flight from risky assets with switching out of the AI momentum trade leading the selloff and a shift out of cyclicals and growth stocks alike into defensive positions. The latest flareup in the US-Iran conflict with the US military confirming more attacks on Iran, lifted oil prices and renewed inflation worries. Rising bond yields also reflected bearish sentiment linked to fear of rising fiscal deficits.
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