Geopolitical tensions continue to escalate. On March 3, global stock markets experienced a broad decline. However, after falling in the previous session, gold and silver prices rose sharply at the opening of trading this morning. In related news, former President Donald Trump has threatened to cut off all trade between the United States and Spain.
In US markets, all three major stock indices closed lower. At the close of trading, the Dow Jones Industrial Average had fallen by 403.51 points, or 0.83%, to finish at 48,501.27. The S&P 500 index dropped 64.99 points, or 0.94%, to 6,816.63. The Nasdaq Composite Index declined by 232.17 points, or 1.02%, settling at 22,516.69.
Regarding US-listed Chinese stocks, the Nasdaq Golden Dragon China Index fell more than 3%. Shares of So-Young International dropped over 11%, while EHang Holdings declined more than 9%.
In the precious metals market, after a sharp drop yesterday, spot gold and silver prices surged at the morning open. At the time of writing, spot gold had risen above $5,120 per ounce, and spot silver had climbed above $83 per ounce.
Turning to the Middle East situation. At a press conference on the 3rd, Israeli Defense Forces (IDF) spokesperson Devlin stated that since the start of military operations against Iran, the IDF Air Force has dropped over 4,000 bombs on Iran. This number exceeds the quantity of bombs used during the 12-day military conflict between Israel and Iran in June 2025.
In the early hours of the 4th, local time, the Islamic Revolutionary Guard Corps (IRGC) of Iran issued the 17th statement for its "True Promise-4" operation. The statement indicated that during the 16th wave of strikes conducted from the evening of the 3rd to the early morning of the 4th, the IRGC Aerospace Force launched missile and drone attacks on targets in central and northern Israel. The targets included the IDF General Staff Headquarters and Ministry of Defense in Tel Aviv, military facilities in Petah Tikva northeast of Tel Aviv, and installations in the Western Galilee region in the country's north.
Citing intelligence sources and on-site monitoring reports, the statement claimed that Israeli military casualties have surpassed 680 as the conflict enters its fourth day. The statement also noted that Israel's multi-layered air defense systems have exposed operational and technical shortcomings during the conflict, making it easier for Iranian missiles and drones to penetrate the defenses and carry out strikes. Furthermore, the statement declared that Iranian armed forces will continue to target Israeli military and security infrastructure.
On March 3, former US President Donald Trump stated that because Spain does not support US military action against Iran, he intends to sever all trade ties with Spain. During a meeting at the White House with visiting German Chancellor Merz that day, Trump said that Spain disagrees with the NATO goal of increasing military spending to 5% of GDP. Furthermore, in the current US military action against Iran, Spain has refused the US use of its military bases, demonstrating an "unfriendly attitude." Trump threatened, "We intend to cut off all trade with Spain. We want nothing to do with Spain." Trump added, "We will cut off all trade with Spain. We want no dealings with Spain."
French President Emmanuel Macron stated on the 3rd that the military actions launched by the United States and Israel against Iran do not conform to international law and cannot be endorsed by France.