LIVE MARKETS-Wall Street tracks toward fourth straight weekly loss as Iran war escalates

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WALL STREET TRACKS TOWARD FOURTH STRAIGHT WEEKLY LOSS AS IRAN WAR ESCALATES

Wall Street's main indexes are lower early on Friday as the Iran war approaches its fourth week, roiling energy markets and prompting investors to aggressively reprice bets on the Federal Reserve's interest-rate cuts.

The conflict in the Middle East showed no signs of easing as Iran attacked an oil refinery in Kuwait and a report said that the Trump administration is planning to occupy or blockade Iran's Kharg Island to pressure Iran to reopen the Strait of Hormuz.

Most S&P 500 .SPX sectors are lower with Communication Services <.SPLRCL, Consumer Discretionary .SPLRCD and Tech .SPLRCT vying to be the weakest group. Just Energy .SPNY and Financials .SPSY are higher.

Mag 7 names MAGS.K are under pressure.

Under the surface, big banks .SPXBK are showing modest strength, while software & services .SPLRCIS and gold/silver miners are on the weak side.

The three main indexes are on track for their fourth straight week of losses. If so, it would be the longest stretch that the three main indexes have declined together since a seven-week run that ended in May 2022, during what proved to be a bear market.

Here is a snapshot of where markets stood around 10 a.m. EDT.

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

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CAUTIOUS TRADING CLICK HERE

BEFORE THE BELL: EUROPEAN FUTURES HIGHER, BUT STOCKS SET FOR A WEEKLY DECLINE CLICK HERE

MORNING BID: HAWKISH RATE REPRICING HALTS THE DOLLAR'S RALLY CLICK HERE