00:00U.S. stocks closed down on Thursday as the Middle East conflict entered its sixth day,
00:05pushing all prices higher and spurring parties about inflation and whether the Federal Reserve
00:09will cut interest rates. Expansion of the conflict to more countries fed fears of disruption
00:15in the Strait of the Hormuz, a critical energy choke point where missile and drone threats
00:20have drastically reduced tanker traffic. The S&P 500 lost 38.79 points or 0.56%.
00:27The Nasdaq Composite lost 58.50 points or 0.26%. The Dow Jones Industrial Average fell 784.67 points
00:37or 1.61%. In the short term, it feels like there's a real focus on oil and supply chains.
00:46And so clearly when you start to see different attacks and questions on infrastructure,
00:53key shipping lines, ensuring key shipping lines and routes and assets, the supply chains are being
01:01strained. And if oil prices are going up and vols going up, there's a reaction to that as a
01:07geopolitical discount rate that is being a bit more elevated today. And we'll have to see how oil shakes
01:13out. And clearly there's going to be uncertainty. And this is a bit day-to-day and headline-driven.
01:20I think markets can deal with headlines. Markets have a bit more issues dealing with supply chains
01:26get disrupted because that starts to impact economic activity, GDP, inflation, and that starts to spark
01:32more market response. So again, this is a difference between headlines and supply shocks and supply chains.
01:37are going to do. Thank you.
01:37So thank you for joining us for joining us.
01:38You
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