- Stocks are set to kick off the week with more losses, as the DJIA suggests another 200-point drop to erase New Year gains amid an escalation in geopolitical risk in the Middle East.
- Besides targeting 52 Iranian sites, President Trump threatened to slap sanctions on Iraq "like they’ve never seen before" after a vote to expel U.S. troops, while Iran said it will no longer abide by uranium enrichment limits.
- WTI oil prices jumped more than 2% as Brent crude topped $70 a barrel for the first time since September, while gold soared to nearly $1,600 an ounce, its highest in more than seven years.