Stock futures plummeted at around 6:45 p.m. ET on Tuesday after reports surfaced missiles had been filed in multiple locations across Iraq.
CNBC reports the Dow Jones Industrial Average futures dropped 410 points and indicated a loss of 432 points at Wednesday's open. S&P 500 and Nasdaq 100 futures pointed to losses of at least 1.5%.
However, the news sparked a surge in oil and gas prices, CNBC reports. Crude futures jumped by more than 4% to around $65.44 per barrel. Gold futures for February delivery were up by 2.1%, trading at $1,609.3 per ounce.
Markets also tumbled in Asia, with Nikkei 225 in Japan down more than 2%. The Japanese yen, another safe-haven asset, strengthened against the U.S. dollar, however, trading at 107.89 around 7:45 a.m. HK/SIN, from an earlier low of 108.52.
A senior military source in Iraq confirmed to Fox News' Jennifer Griffin that targets were "under missile attack from Iran. These are either cruise missiles or short-range ballistic missiles. All over the country."
The missiles were fired in retaliation after Iranian Gen. Qassem Soleimani who was involved in terrorist activities throughout the Middle East was killed in an airstrike ordered by President Donald Trump on intelligence that he had been orchestrating an attack against Americans.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.