(Bloomberg) — Stocks fell ahead of Friday’s jobs report as a rally in oil amid geopolitical tensions triggered a flight to the safest corners of the market. Treasuries climbed and the dollar ended near session highs.
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The S&P 500 dropped 1.2%, erasing gains. Brent crude topped $90 a barrel as Israeli Prime Minister Benjamin Netanyahu said at a security cabinet meeting his country will operate against Iran and its proxies and will hurt those who seek to harm it. President Joe Biden told Netanyahu on a call that US support for his war would depend on new steps to protect civilians.
“The real issue lies in the reason WHY oil is rising again,” said Matt Maley at Miller Tabak + Co. “If we get a direct conflict between Israel and Iran, that’s something that will likely restrict the supply of oil coming from the Middle East. That has not been an issue up until now, but it could become one very…
