Dow Jones Industrial Average Is Dropping Today as Iran Tensions Escalate

The Dow Jones Industrial Average slid over 200 points this morning after the Pentagon confirmed the U.S. killing of Iran's top military commander at an airport in Baghdad on Thursday night. The news raises concerns about escalation in the Middle East and the possibility of rising oil prices weighing on the global economy.

We'll dive further into the impacts of this below and see what else is moving the Dow today.

But first, here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:

Now, let's take a look at the most important market events to start your day.

The Top Stock Market Stories for Friday

• The U.S. dollar fell to a nine-week low after the United States killed Iran Maj. Gen. Qasem Soleimani. The Pentagon confirmed the drone strike that killed the general at an airport in Baghdad, Iraq. The general was widely considered the second most powerful man in Iran - at a time when tensions between the United States and Iran are incredibly high. Soleimani led a special forces unit for Iran's Revolutionary Guards. The killing of Soleimani raises concerns beyond the stability of the Middle East. Some analysts worry that the sudden news could negatively affect ongoing efforts by the United States to court China on a phase one trade deal.
  

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• Meanwhile, WTI and Brent crude prices surged - adding nearly $3 per barrel - this morning on news of the strike and Iran's response. Brent crude nearly touched $70 per barrel this morning. Iranian Supreme Leader Ayatollah Ali Khamenei vowed that his country would respond with "severe revenge" for the death of Soleimani, whom he dubbed a martyr. Soleimani's death comes just two days after Iranian-backed militia attacked the U.S. Embassy in Baghdad. The U.S. Embassy in Baghdad issued an alert today calling on all American citizens to exit Iraq immediately.

Finally, marijuana investors are still salivating over this week's legalization of recreational cannabis in Illinois. The state became the 11th in America to permit recreational marijuana, and the state's market could potentially produce a $2.5 billion windfall. Reports showed that some citizens were waiting hours to get in the door to purchase cannabis.

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Stocks to Watch Today

Garrett Baldwin

About the Author

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Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.

Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.

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