Investors had two reactions to Israel's broad attack on Iran late Thursday: They sold stocks broadly and bought crude oil and gold. Futures trading suggests the Standard & Poor's 500 Index will open down 52 points.

Shifts in market sentiment continued on Tuesday as traders gauged the risks of an escalation in hostilities and broader involvement. Investors’ focus is especially on oil prices, with a commodity that had hovered near pandemic-era lows now emerging as an unexpected source of inflation.

Asia stock markets were little changed on Monday, following Friday’s sharp sell-off on Wall Street amid escalating Middle East tensions and global economic concerns. Investors digested a batch of mixed Chinese economic data.