Dow Falls Over 800 Points as Middle East Tensions Escalate

The breadth of the selloff matters more than the headline drop: with only four Dow components higher and cyclicals, banks and consumer names leading declines, this reads as a risk-off rotation rather than a single-sector story. American Express's layoff announcement adds a company-specific layer to the weakness, suggesting investors are penalizing cost-cutting news in an uncertain macro backdrop. Whether the defensive bid persists — and whether financials keep underperforming — is the open question for gauging if this is sentiment-driven or the start of a deeper repricing.