Base

In addition to the Iran and Israel news, there is a major strike going on at ports along the East and Gulf coasts in the United States this morning, with over 45K dockworkers on strike, affecting 36 ports over wages and automation. 

Will this affect the market? It depends on how long the strike lasts. A prolonged strike could push up prices for food, cars, and a host of other consumer goods, which could cause inflation and affect the Fed's interest rate decision. 

However, the current estimate is that the strike will not have a major impact. Additionally, President Joe Biden, under the authority granted by the Taft-Hartley Act, could step in and order an 80-day "cooling off" period, which would at least temporarily halt the strike.