Stocks Get Hit as War Jitters Fuel Rush to Bonds

What You Need To Know

• The S&P 500 was on pace for its worst day since January, Treasuries climbed, and the VIX spiked to levels last seen in October.
• JPMorgan Chase & Co. and Wells Fargo & Co. both reported net interest income — the earnings they generate from lending — that missed estimates amid increasing funding costs.
• Bond markets are now pricing two rate cuts by the end of the year, compared with six just three months ago, yet both the S&P 500 and the Nasdaq 100 are still hovering near record highs.