Stocks crash, gold and oil jump. Markets in chaos

Markets in chaos today: Stocks fell as volatility dominates global financial markets amid escalating tensions in the Middle East, pushing oil and gold to further advances.
Federal Reserve Chairman Jerome Powell's much-anticipated overnight speech left the market reeling, even as most investors placed further bets that the Fed will extend its rate pause into November.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.8% to a new low since November last year, taking the weekly loss to a sizable 3%.
China kept benchmark lending rates stable as the economy showed signs of stabilization.
Sentiment is fragile even after Tesla shares fell 9% following disappointing quarterly results, with a warning about consumer demand from Elon Musk triggering a sell-off in electric vehicle stocks.
On the geopolitical front, fears of an expanding regional conflict are growing after the United States intercepted three cruise missiles and several drones launched by the Iran-aligned Houthi movement from Yemen potentially towards Israel.
In this complex context, the markets remain shaken by much uncertainty.
The collapse of stocks continues: what's happening in the markets today? The Asian markets are all closing the session with a strong loss.
European futures signaled a weak start, set to follow Asian peers lower.
MSCI's Asia Pacific index, a benchmark gauge in the region, lost 0.3% and is heading for its biggest weekly decline in two months.
US stock futures are in the red.
Overnight, all three major indexes lost ground as Powell's comments and rising bond yields weighed on markets.
The yield on the benchmark 10-year Treasury bond traded at 4.996% on Thursday, inching closer to the 5% mark it last surpassed in 2007.
The Dow Jones Industrial Average gave up 0.75% , while the S&P 500 lost 0.85%.
The Nasdaq Composite led losses among indexes, falling 0.96%.
Overnight, Fed Chair Powell appeared to align himself with Fed colleagues who recently said the bond market is now doing some of the central bank's job.
However, Powell remained very cautious, leaving open the possible need for further rate hikes as the economy turned out to be stronger than expected, but also highlighting emerging risks and the need to move with caution.
Gold and oil are winners amid uncertainty Oil traded above the $90-a-barrel mark and gold neared the $2,000-an-ounce level after a report that US bases in Iraq and Syria would have been targeted by drone strikes.
Investors were also nervous after a U.S.
destroyer in the Red Sea intercepted cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.
“Crude oil's risk premium has risen again,” said Vandana Hari, founder of consultancy Vanda Insights, citing the latest incidents, including missiles from Yemen.
“As long as tensions between Israel and Hamas remain high, crude oil will remain susceptible to further spikes in the event of signs of escalation.” US President Joe Biden, in a speech on Thursday, called on Americans to spend billions of dollars more to help Israel fight Hamas, as a planned ground invasion nears with the aim of annihilating the group militiamen.
“World leaders continue to travel to the Middle East, if nothing else, to delay the onset of further hostilities,” said Kyle Rodda, senior financial markets analyst at capital.com.
“Markets are nervously waiting for a move: gold and oil, as the clearest indicators of sentiment towards the conflict, continue to rise.”