Wall Street's "fear gauge," the CBOE Volatility Index, is on the rise. The VIX jumped 17% early Friday to above 21 after Israel launched an attack on Iran’s nuclear program and military leadership overnight.

Wall Street's main indexes fell on Friday after Israel's deadly strike on Iranian nuclear facilities inflamed tensions in the oil-rich Middle East and battered risk sentiment across global markets. Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Tehran from building an atomic weapon.

Oil surged, stocks fell and investors sought safety in the U.S. dollar and government bonds Friday after Israel struck Iranian nuclear and military targets in an attack that raised the risk of war between the two countries and broader instability in the Middle East.

U.S. stocks drifted higher following another encouraging update on inflation. The S&P 500 added 0.4% Thursday and is sitting less than 2% below its record.

U.S. stocks are drifting lower as momentum wanes from a big rally that had brought them to the brink of their record.