Stock Market Update

[BRIEFING.COM] The stock market has seen some roller-coaster action in the afternoon trade, catalyzed by developments on the Iran war front.

The first report featured the news that Iran's speaker, Mohammad Bagher Ghalibaf, resigned his position. The second report suggested Iran's air defenses were engaging hostile targets. Stock prices fell sharply on these reports, but they soon recovered most of what they lost when subsequent reports challenged the veracity of this news.

The speaker's resignation was debunked by Iranian media; meanwhile, Israeli media reported that there is no Israeli activity in Iran's airspace.

The S&P 500 dropped from 7,132 to 7,084 and is now hugging the 7,100 level, with an earnings report from Intel (INTC 66.87, +1.60, +2.45%) waiting after the close.