Market Fed-focused even as Mideast conflict widens, strategist says

STORY: :: Lisa Bernhard, Reuters

:: Rob Haworth, Senior Investment Strategist, U.S. Bank Wealth Management

U.S. stocks fell on Tuesday after Iran launched a salvo of ballistic missiles in retaliation for Israel's campaign against Tehran's Hezbollah allies.

Haworth, calling the attack "first and foremost a human tragedy," nevertheless noted that stocks actually pared losses after the news, as investors "are really still focused on the Federal Reserve and the soft economic data we got this morning."

That data included a report from the Institute for Supply Management (ISM) that showed U.S. manufacturing continued to contract.

Speaking with Reuters' Lisa Bernhard, Haworth also said rising oil prices from the Middle East conflict could be offset by a decision by OPEC+ Wednesday to increase supply by year's end.

Moving to U.S. shores, Haworth called the dockworkers strike "concerning" for both its potential impact on inflation and on retail, chemical and industrial companies, adding, "we're watching our portfolios."