Stocks started a downward retreat early this morning in one of the last trading days of the year, CNNMoney reported.

The Dow Jones industrial average was down 1.1 percent, or nearly 100 points, around 10:30 a.m. Iowa time, and the Standard & Poor’s 500 index had dropped 1.3 percent. The Nasdaq composite was down 1.83 percent.

The stocks shaky start is a result of the turmoil on the Gaza Strip, which has caused oil prices to jump to more than $40 per barrel.

Also, shares of Dow Chemical Co., the largest chemical company in the United States., fell nearly 21 percent after a $17.4 billion deal with Kuwait collapsed.

For the year, all three major indexes are down significantly, with the Dow down by 36 percent, the S&P 500 down 40.5 percent and the Nasdaq down 42 percent year to date.

“There’s no buying going on,” said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams in New York. “Everyone is sitting on their hands until the end of the year.”