Stocks enter global selloff but some on Wall Street are looking for assets that respond well to war

Fortune

by Jim Edwards

March 2, 2026

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Global stock markets are experiencing a significant selloff amid heightened tensions between Iran, the U.S., and Israel. While fear of prolonged conflict has sent major indices tumbling worldwide, some investors on Wall Street are eyeing opportunities in assets known to thrive during times of war. This includes defense stocks, oil, gold, and the dollar, which have shown resilience or gains as geopolitical uncertainty rises. The recent turmoil has seen the S&P 500 futures drop by over 1% alongside sharp declines in European indices like the STOXX Europe 600 and FTSE 100. Asian markets such as Japan's Nikkei 225 and South Korea's KOSPI also faced losses, while oil prices surged due to fears of supply disruption from the Strait of Hormuz. Defense stocks like BAE Systems and Rheinmetall AG saw gains as investors sought safer alternatives. Experts warn that a prolonged conflict could push oil prices beyond $100 per barrel, potentially causing broader market instability. Analysts at J.P. Morgan Chase and Wood Mackenzie compare this

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Originally published on Fortune on 3/2/2026