12:29 PM EDT, 10/01/2024 (MT Newswires) -- US equity indexes slumped along with government bond yields Tuesday as job openings in the US unexpectedly jumped and a statement from the White House that Iran is preparing an imminent ballistic missile attack on Israel sent oil and gold futures rallying.

The Nasdaq Composite dropped 1.7% to 17,884.5, with the S&P 500 down 0.9% to 5,708.2 and the Dow Jones Industrial Average traded 0.4% lower at 42,180.5. Most sectors declined intraday, with technology and consumer discretionary leading the charge. Energy and utilities were among the trio of gainers.

West Texas Intermediate crude oil surged 4.4% to $71.13 a barrel and gold jumped 1% to $2,686.71 an ounce amid a statement from the White House said that Iran is preparing an imminent ballistic missile attack on Israel. The move comes after Israel launched a "limited ground operation" in southern Lebanon targeting Iran-backed Hezbollah, CNN reported.

The CBOE Volatility Index, also known as the fear gauge for investors, rose 12% to 18.75 as geopolitical risk mounted.

Most US Treasury yields fell intraday, with the 10-year yield down 9.1 basis points to 3.71% and the two-year rate 5.7 basis points lower at 3.59%.

The US Dollar index advanced 0.5% to 101.27.

Meanwhile, a strike by the International Longshoremen's Association began overnight, shutting down ports from Maine to Texas while demanding significant pay raises and protections against automation. The affected ports handle about 57% of US container volume and could significantly impact supply chains ahead of the US presidential election and the holiday season.

In economic news, US job openings rose to 8.040 million in August according to the Bureau of Labor Statistics, higher than the 7.673 million expected in a survey compiled by Bloomberg and up from the 7.711 million reported in July.

The Institute for Supply Management's US manufacturing index was unchanged in September from the 47.2 reading in August, compared with expectations for an increase to 47.5 in a survey compiled by Bloomberg.

In company news, APA Corp. ( APA ) said Tuesday that its subsidiary reached a "positive" final investment decision for the first oil development in Block 58 located offshore Suriname. Total investment is estimated at $10.5 billion, with the first oil due in 2028. APA shares jumped 5% intraday, the top performer in the S&P 500.