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US stocks took a hit on Monday as concerns over the Israel-Iran conflict escalated. The risk-off sentiment in the market led to the 10-Year Treasury yield hitting its highest level of 2024. However, not all news was negative, as March retail sales data saw a significant surge of 0.7%, surpassing consensus estimates of 0.3%.
The back-and-forth headlines regarding the Israel-Iran conflict have kept investors on edge. Iran’s missile and drone attacks on Israel were largely intercepted, but tensions remain high. Market strategist Michael Reinking stated, “Iranian officials have said that this concludes the response and markets are hoping that the situation will de-escalate from here.”
In other news, retail sales data for March painted a positive picture, indicating strong consumer spending. This, combined with the geopolitical concerns, pushed the 10-year Treasury yield to its highest level since November.
As the day came to a close, here were the key market numbers:
– West Texas Intermediate crude oil dropped to $85.50 a barrel
– Gold saw a 1.04% increase, reaching $2,398.80 per ounce
– The 10-year Treasury yield climbed 9 basis points to 4.62%
– Bitcoin experienced a 3.43% decline, falling to $63,506
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