Stocks gapped down at the open (Dow -85 pts; SPX -.3%). Industrials, energy and financials are leading the way (all down .5% or more). Only utilities are powering ahead (+.5%). The Trump Administration asked the US Treasury to dramatically increase economic sanctions on Iran after concluding its culpability in a recent oilfield attack in Saudi Arabia. European markets are poised to close up by about .3% and most of Asia was modestly lower overnight. Commodities are trading lower today. Copper is down .3%; iron ore fell more than 3%. Oddly enough given geopolitical tension, WTI crude is down 1% to trade around $58.70/barrel. Bonds are mostly higher on the day, except for junk. The 10-year Treasury Note yield fell back to 1.75%.
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