S&P 500 (NYSEARCA: SPY) Live: Market Bottom Falls Out Amid Middle East Attacks

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Investors are running for the exit signs this Friday the 13th as tensions escalate in the Middle East. Israel has launched missiles at Iran, targeting its nuclear program and sending shockwaves through the financial world. In response, oil prices are soaring while stocks are falling. At the open, all three major stock market averages are down, and the price of crude oil has jumped 7.8% to over $73 per barrel. The SPDR S&P 500 ETF (SPY) is down 0.86%.

Most of the Magnificent Seven stocks are trading lower, with the notable exception of Apple (Nasdaq: AAPL), which is managing to eke out slight gains. The Volatility Index (VIX) has climbed 13%, reflecting the fear gripping investors and traders in this uncertain environment.

Here’s a look at the market’s performance as of morning trading:

Dow Jones Industrial Average: Down 608.23 (-1.42%)
Nasdaq Composite: Down 175.17 (-0.90%)
S&P 500: Down 49.48 (-0.82%)

Market Movers

Defense stocks are squarely in the spotlight following Israel’s ongoing missile strike on Iran, driving gains of 2%-3% in shares of RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and Northrop Grumman (NYSE: NOC).

Oppenheimer is positive on content streaming giant Netflix (Nasdaq: NFLX), reiterating its “outperform” rating on the stock and pointing to a “long subscriber runway” for the company’s future growth.

Goldman Sachs has a favorable view on software provider Adobe (Nasdaq: ADBE), re-emphasizing its “buy” rating for the stock and citing beneficial AI catalysts. Goldman analysts have set a price target of $570 on ADBE shares.

Despite the share price having a target on its back, EV leader Tesla (Nasdaq: TSLA) has received a strong vote of confidence from Wall Street. Morgan Stanley analysts have reiterated their “overweight” rating on the stock, pointing to several positive trends in rapidly expanding areas like data, robotics, energy, and AI.

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