LIVE MARKETS-Stocks drop as oil gains, Iran war intensifies

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STOCKS DROP AS OIL GAINS, IRAN WAR INTENSIFIES

Stocks opened lower on Thursday as oil prices soared with the U.S.-Israel war on Iran intensifying.

Benchmark Brent oil prices jumped above $119 a barrel after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war.

It comes a day after the Federal Reserve policymakers maintained expectations that the U.S. central bank will cut rates only one time this year, and projected higher inflation.

Losses were widespread, with all three major indexes down on the day. The Nasdaq Composite .IXIC, down 0.58%, is the worst performer. Only three S&P 500 sectors were green, with energy, up 0.59%, leading gainers.

Treasury yields also jumped on concerns about the impact of the oil price rise on inflation, but pared most of their earlier increase. Benchmark 10-year note yields were last at 4.27%, after earlier reaching 4.328%, the highest since August.

Here is Thursday’s opening market snapshot:

(Karen Brettell)

EARLIER ON LIVE MARKETS:

POST-FED ROUT SENDS DOW BELOW KEY LONG-TERM MOVING AVERAGE; 45,000 SUPPORT ZONE EYED CLICK HERE

SOCIETE GENERALE'S CURRENCY RECOMMENDATION STRAITJACKET CLICK HERE

CITI: ENERGY STOCKS AREN’T JUST ABOUT THE OIL PRICE CLICK HERE

90% OF THE STOXX IN THE RED CLICK HERE

BEFORE THE BELL: EUROPEAN FUTURES TUMBLE AS ECB, BOE LOOM CLICK HERE

CENTRAL BANKERS SOUND INFLATION ALARM CLICK HERE