Dow Slumps as Iran-Israel War Rages

Stocks were lower on Tuesday as investors pored through the latest developments in the Middle East, with the conflict between Israel and Iran raging on. Wall Street also digested weak retail sales data.The Dow Jones Industrials dropped 105.47 points to 42,409.62.The S&P 500 index declined 18.38 points to 6,014.73.The NASDAQ Composite forfeited 88.88 points, to 19,612.33.On Monday evening, President Donald Trump said in a Truth Social post that “Everyone should immediately evacuate Tehran.” Trump also left the G7 summit in Canada early to deal with the situation in the Middle East, but did so without reaching trade deals with some member nations.French President Emmanuel Macron said Monday that Trump offered a ceasefire between Iran and Israel. However, Trump said his departure from the G7 had “nothing to do with a Cease Fire. Much bigger than that.”On top of a fifth day of strikes between Israel and Iran, fresh retail sales data weighed on stocks Tuesday, as consumer spending retreated more than expected in May. Sales for the month dipped 0.9%, worse than the Dow Jones forecast for a 0.6% fall.Roku popped 2% following an upgrade to a buy rating from hold at Loop Capital Markets. Analyst Alan Gould’s new price target to $100 — up from $80 — implies upside of 22%. Roku gained 10% on Monday after announcing an exclusive partnership with Amazon that would enable advertisers to reach roughly 80 million U.S. households.Prices for the 10-year Treasury were lower, pushing yields up to 4.43% from Monday’s 4.45%. Treasury prices and yields move in opposite directions. Oil prices regained $1.36 to $73.13 U.S. a barrel. Gold prices slid $2.50 to $3,414.80 U.S. an ounce.