DBI Today: 58.6 (−0.8)
The United States and Iran traded military strikes on Wednesday in the most serious direct exchange of the conflict so far — and markets didn't take it well. After an Iranian drone shot down an American Apache helicopter over the Strait of Hormuz, the US launched retaliatory strikes on Iranian military targets, prompting Iran to fire ballistic missiles and drones at US bases in Jordan, Kuwait and Bahrain. The Dow fell 953 points. The DBI is 42.6. What makes today different from earlier violent sessions isn't just the price action — it's the arrival of the May inflation report in the middle of it all, confirming that American consumer prices are running at 4.2% annually, their highest rate in three years, fuelled almost entirely by the same conflict that was causing the panic in markets at the very moment the data landed.
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