Investors flocked to safer assets, including gold and out of U.S. stocks, after Israel launched attacks against Iran’s nuclear sites.

All three of the major U.S. averages fell Friday, erasing weekly gains, with the Dow Jones Industrial Average down 769 points, or 1.8%, while the Nasdaq Composite and S&P 500 lost over 1% apiece.

Selling accelerated late afternoon on reports Iran retaliated, launching ballistic missiles at Israel, according to Fox News.

Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 42217 +45.34 +0.11% SP500 S&P 500 5975.02 -5.85 -0.10% I:COMP NASDAQ COMPOSITE INDEX 19481.428233 -64.84 -0.33%

Despite the Friday sell-off, the S&P 500, the broadest measure of U.S. stocks, ended little changed for the week.

S&P 500 .

The strikes, which began late Thursday, drove oil prices as high as 11% to the mid-$70 per barrel level, before halving those gains. ExxonMobil, Chevron and ConocoPhillips rallied, while the United States Oil Fund ETF headed for its best percentage gain since April.

LIVE MARKET UPDATES: STOCKS, BONDS, OIL

OIL & ENERGY

Ticker Security Last Change Change % XOM EXXON MOBIL CORP. 114.31 +1.12 +0.99% CVX CHEVRON CORP. 148.30 +0.11 +0.07% COP CONOCOPHILLIPS 94.04 +0.24 +0.26%

“This will certainly do some damage to the inflation statistics if it doesn’t roll back soon,” wrote investor Louis Navellier in a note to clients. A report on consumer inflation (CPI) released on Wednesday showed prices remain above the Fed’s 2% target level but still showed some relief.

United States Oil Fund .

RISING BOND YIELDS

Bond yields, which had been drifting lower, marched higher with the 10-year Treasury back above 4.4%, partly tied to renewed inflation concerns.

“This is a classic flight to safety, and you’re seeing that in Treasury yields,” said Frank Ros, senior market strategist at Angel Oak Capital Advisors, on “Mornings with Maria.” “Today’s investors are concerned with tensions flaring up going into the future,” he noted.

GOLD HITS NEW RECORD

Gold hit a fresh record, trading as high as $3,500 an ounce, rallying for the third straight session. The SPDR Gold Trust exchange traded fund, the largest backed by physical gold, is headed for a weekly pop of 3%.

TRUMP DESCRIBES WHEN HIS RELATIONSHIP WITH ELON WENT SOUTH

SPDR Gold Trust ETF .

FED WATCH

The Federal Reserve is not expected to adjust interest rates at next week’s meeting or in July, according to the CME FedWatch Tool, which tracks the probability of rate moves. There is a growing consensus that a rate cut could come in September.

TRUMP NAME CALLS FED CHAIR POWELL

President Donald Trump has publicly needled Federal Reserve Chairman Jerome Powell to cut rates by a full percentage point, calling him a “numbskull” and “Mr. Too Late” for keeping rates at current levels as foreign counterparts, including the European Central Bank, cut rates.

CRYPTOCURRENCY

Bitcoin, the largest cryptocurrency by market value, held at the $105,000 level and is sitting below its all-time high of $111,986.44.

Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.

The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.

Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.

RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION

The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.

FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS

“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.

Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.

TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY

The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.

In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.

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Bertucci’s did not respond to FOX Business’ request for comment.