Stocks fell and crude oil surged as an escalation in the Middle East conflict hit markets, prompting investors to trim risk exposure and seek haven assets.

Big tech stocks fell in overnight trading. SMCI down over 3%; Broadcom, Netflix, Oracle, Alphabet down around 2%; AMD, Amazon, Tesla down over 1%.

Storage shares slid in overnight trading. SanDisk, Western Digital, Seagate Tech down around 2%.

Saturday's strikes on Iran by the U.S. and Israel will likely shine an even bigger spotlight on defense stocks. Lockeed Martin up nearly 13%; Draganfly, RTX Corp up over 8%; Northrop Grumman, L3Harris Technologies up over 7%.

Palantir stock jumped over 4% in overnight trading. Modern defense doctrine emphasizes ongoing modernization rather than static platforms. Sensors are refreshed. Software evolves. Networks expand.

Software-native companies like Palantir Technologies (PLTR) operate directly in that layer, providing analytics and AI systems through mult-year government contracts.

Oil stocks surged in overnight trading. US Energy up over 18%; Indonesia Energy up 17%; ConocoPhillips, Halliburton up around 8%; Occidental up over 5%.

Brent oil futures jumped as much as 13% before paring gains to around 4%.

Precious metal shares and ETFs jumped in overnight trading. Blue Gold up over 17%; Coeur Mining, Harmony Gold, Platinum Group up over 5%.

Gold prices rose as much as 2% on Monday after the U.S. and Israel launched major strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, escalating geopolitical tensions and deepening global economic uncertainty.