Dow Jones Industrial Average finds no bid under confirmed strikes
The Dow Jones Industrial Average trades near 52,750, roughly 450 points and 0.85% lower, at fresh session lows made after Central Command confirmed that American forces had begun striking Islamic Revolutionary Guard Corps (IRGC) targets inside Iran.
The Dow Jones Industrial Average, a price-weighted index of 30 large American companies, fell after U.S. forces launched confirmed strikes against targets in Iran. The index, which recently traded near 52,750 and had previously been close to 53,000, has now rebounded. The strikes, which included attacks on Saudi and South Korean tankers in the Strait of Hormuz, were confirmed by Central Command.
The index has been volatile, with no clear resolution to the conflict seen in the market. After the strikes, yields rose, with the 10-year Treasury note reaching a high of 4.78% intraday. The market is now focused on the possibility of further rate hikes by the Federal Reserve, with the odds of a hike at the September 16 meeting at 68%, up from 35% before. The index is now facing resistance at the 53,000 handle and support at the 52,750 level.
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