Dow plunges 300 points while oil costs, Lockheed Martin jump amid

Dow plunges 300 points while oil costs, Lockheed Martin jump amid

US shares plunged Monday morning as oil costs spiked and investor uncertainty shook markets amid US and Israeli air strikes on Iran, while protection shares like Lockheed Martin jumped.

The Dow Jones Industrial Average fell 311 points, or 0.6%, while the S&P 500 and Nasdaq each sank.

Gold futures rose 1.9% to $5,348.50 as anxious traders rushed to safe-haven property, and Wall Street’s volatility index jumped to its highest level thus far this 12 months.

US shares plunged Monday morning following US-Israeli air strikes on Iran. REUTERS

Joint US and Israeli air strikes over the weekend killed Supreme Leader Ayatollah Ali Khamanei. American officers on Monday confirmed that a fourth US service member had died from accidents sustained in the assaults. 

President Trump has warned that the battle might last “four weeks or so” as the battle has broadened to incorporate neighboring nations round Iran.

“Investors trying to assess what to expect in terms of volatility and market response have to make assumptions about the most significant and unknowable factor in this – how long and messy the US involvement with Iran may prove to be,” David Bahnsen, chief funding officer at the Bahnsen Group, wrote in a word Monday.

“Markets do not like uncertainty and there is uncertainty in the air for the time being.”

Follow The Post’s coverage of the United States’ airstrikes on Iran:

US crude costs jumped 7.4% Monday morning as traders fearful heightened tensions might disrupt essential oil shipments, as Iran is the fourth-largest oil producer in OPEC.

Container delivery giants have briefly suspended operations in the Strait of Hormuz, a significant maritime route situated in the gulf between Oman and Iran that noticed about 20.9 million barrels of oil transported per day in 2023, according to the US Energy Information Administration.

Defense shares skyrocketed Monday, a key outlier in the markets following the assaults.

Smoke rises following an explosion in Tehran, Iran, on Monday. through REUTERS

Lockheed Martin rose 3.1%, while Northrop Grumman and RTX each went up 3.2%.

Drone maker AeroVironment surged more than 15%.

ExxonMobil, Chevron and ConocoPhillips also jumped 1.9%, 0.7% and three.4%, respectively.

But most shares – particularly dangerous tech property with AI ties – have been dragged down Monday as traders opted for safer bets.

Shares in Broadcom, Amazon and Alphabet fell 2.7%, 1.5% and a pair of.4%, respectively.

President Trump speaks with CIA Director John Ratcliffe and members of his Cabinet on Saturday. through REUTERS

Travel shares also suffered as the business noticed its largest journey disruption since the pandemic, with hundreds of flights cancelled.

United Airlines, American Airlines and Delta fell 3.2%, 4.7% and 1.9%, respectively.

Marriott International, Hilton Hotels, Airbnb, Expedia and Booking Holdings also plummeted 3.2%, 3%, 3.4%, 1.5% and three%, respectively.

“Investors should not fret one day of market volatility, especially since stock valuations have been elevated for some time now,” Bahnsen wrote on Monday.

“Over the long-term, geopolitical events don’t affect markets, and we’ve been through decades of instances with heightened tensions in the Middle East, and stocks continue to grind higher.”

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