3 market implications from the Israel-Hamas war

News Snapshot:

Just about every US president gets a Middle East crisis, and President Biden now has his. The war between Israel and the Palestinian Hamas group, which attacked Israel on Oct. 7, could be long and complex. Iran, which backs Hamas and seeks the destruction of Israel, might be involved. Israel has vowed a massive operation in Gaza, which Hamas controls, and months or even years of urban warfare there are likely to be grueling and ugly. Financial markets are insulated from the direct effects of this unfolding war, which doesn’t immediately threaten energy supplies, corporate profits, or banking stability. But...