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Stocks Fall as Israel-Iran Jitters Spur Oil Rally: Markets Wrap

US May Retail Sales Decline by Most This Year

Wall Street’s concerns that an escalation of tensions in the Middle East could trigger a more direct US involvement spurred a slide in stocks, which also dropped as weak economic data lifted bonds ahead of the Federal Reserve decision. Oil hit its highest since January.

Risk-off sentiment prevailed, with the S&P 500 down nearly 1%. West Texas Intermediate settled around $75 a barrel. A gauge of crude-market volatility jumped to a three-year high. The dollar climbed the most in a month. Aside from geopolitical risks, Treasuries rose as tepid reports on retail sales, housing and industrial output supported bets the Fed will cut rates at least once more in 2025 if energy prices don’t become a threat to the disinflationary path.