00:00U.S. stocks extended their slide on Tuesday as the global bond sell-off deepened and crude prices spiked amid
00:06fading hopes for a near-term solution to the U.S.-Israeli war with Iran.
00:10All three major U.S. stock indexes began the month on a sour note, closing decisively lower as rising hostilities
00:16in the Middle East drove up all prices.
00:21Global sovereign debt yields rose to multi-year highs as market increased their bets that central banks will need to
00:27hasten their interest rate hikes.
00:29The benchmark U.S. tragedy will continue to etch higher after reaching a 19-month high on Monday.
00:36We're not overly worried about a recession. We're not overly worried about inflation getting out of control.
00:42But that said, higher interest rates are definitely a win against the equity market.
00:47And there's just a lot of geopolitical risk.
00:50Also, as we roll into the election, historically, the second year between presidential elections is always volatile and always a
00:58bit negative for the equity markets.
01:00I think that this Friday's labor report will just be another data point that the Fed will use as it
01:06rolls into its September meeting.
01:08The Fed, as we know, has a dual mandate of both employment and inflation.
01:13And right now is focused on inflation.
01:14And I suspect it will continue to be regardless of how this labor report happens.
01:20According to preliminary data, the S&P 500 lost 54.19 points or 0.71% to end at 7
01:30,631.95 points,
01:32while the Nasdaq Composite lost 271.11 points or 1.01% to 26,099.77.
01:42The Dow Jones Industrial Average fell 419.02 points or 0.79% to 52,766.88.
01:53The U.S. launched a new barrage of airstrikes against Iranian targets around the start of Hormuz,
01:59following Treasury Secretary Scott Benson's remarks that Washington will probably announce new bank sections against Iran to economically associate Tehran
02:09leaderships.
02:10Iran warned it would prevent oil exports from the Gulf.
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