Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
China Inflation Accelerates in August as CPI, PPI Rise 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Gold Prices Rise as Yen Rally Weakens Dollar 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
South Korea GDP Surges on Chip and AI Boom 
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Wall Street closed sharply lower Friday following Iran’s missile strike on Israel, a retaliatory move after Israeli attacks on Iran’s nuclear sites. The conflict has triggered fears of a broader Middle East war, shaking global investor confidence.
Explosions rocked Tel Aviv and Jerusalem as Israel’s military confirmed missile launches from Iran. The geopolitical tension sent oil prices soaring nearly 7%, raising concerns about disruptions in Middle East crude supply. Analysts warned that if the Strait of Hormuz is affected, global markets could face serious turmoil.
Energy stocks surged in response, with ExxonMobil (NYSE:XOM) up 2.2% and Diamondback Energy (NASDAQ:FANG) climbing 3.7%. In contrast, airline shares tumbled on rising fuel cost fears—Delta Air Lines (NYSE:DAL) dropped 3.8%, United Airlines fell 4.4%, and American Airlines (NASDAQ:AAL) sank 4.9%.
Defense stocks gained as investors looked to military suppliers. Lockheed Martin (NYSE:LMT), RTX, and Northrop Grumman (NYSE:NOC) all rose over 3%.
The S&P 500 declined 1.13% to 5,976.97, the Nasdaq lost 1.30% to 19,406.83, and the Dow fell 1.79% to 42,197.79. Financial and tech sectors led the decline, with financials down 2.06% and tech off 1.5%. For the week, the S&P 500 slipped 0.4%, Nasdaq 0.6%, and Dow 1.3%.
Adobe (NASDAQ:ADBE) dropped 5.3% over AI adoption concerns, while Oracle (NYSE:ORCL) surged 7.7% on strong AI-driven forecasts. Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) dipped 2.1% and 1.4%, respectively. Visa (NYSE:V) and Mastercard (NYSE:MA) both fell over 4% amid reports that retailers are exploring crypto alternatives.
Despite rate-hike concerns easing, the market remains volatile, with declining S&P 500 stocks outnumbering gainers by over 6 to 1.
