The US has been warning about a large, coordinated attack on Israel and the worry in markets is that this is it, or this is the first silo with more to come over the weekend.
The latest report is that 30-50 missiles -- likely Katyusha rockets -- were launched by Hezbolla towards Israeli artillery.
A statement from Israel's army said they are ready to deal with every threat and are ready to attack. He said the coming days will require vigilance but that there is no need to panic if attacks come from Iran.
Equities are at the lows of the day but there's a possible scenario where this response is the beginning and the end. Iran gets to flex its muscles somewhat without damaging much and we're not dragged into an Iran-Israel war.