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Markets Extend Losing Streak
U.S. stocks closed sharply lower on Friday, March 27, sealing a fifth straight week of losses for the S&P 500 and Nasdaq—the longest such streak in nearly four years . The S&P 500 fell 1.7% to 6,368.85, while the Dow Jones Industrial Average dropped 793 points (1.7%) to 45,166.64. The Nasdaq composite slid 2.1% to 20,948.36 .
Both the Dow and Nasdaq have now fallen more than 10% from their record highs, a threshold Wall Street calls a “correction” . The S&P 500 is down 8.7% from its January peak .
Oil Prices Surge as Conflict Grinds On
The market’s anxiety centered on the Strait of Hormuz, where roughly 20% of the world’s oil typically passes. With Iran effectively restricting traffic since the war began Feb. 28, Brent crude climbed 3.4% to settle at $105.32 per barrel—up from roughly $70 before the conflict started .
Investors fear prolonged disruption could trigger a punishing wave of inflation. Strategists at Macquarie warn that if the war continues until June, oil could reach $200 per barrel, surpassing the 2008 record of $147 .
Consumer Sentiment Craters
The University of Michigan’s consumer sentiment index fell to 53.3 in March—its lowest level since December—as rising gasoline prices and market uncertainty weighed on Americans . The short-run economic outlook dropped 14%, and year-ahead personal finances expectations fell 10% .
Trump’s Mixed Signals Fail to Calm Markets
President Trump extended his deadline for potential strikes on Iranian energy infrastructure to April 6, offering a brief respite after Thursday’s close . But any relief evaporated Friday as Iran denied direct talks were underway and fighting continued.
“Any further statements by Trump about a deal are white noise to the markets,” macro strategist Jim Bianco wrote. “Only if the Iranians say the talks are going well will it impact markets” .
Biggest Losers
Tech stocks led declines, with Meta Platforms falling 4% and Amazon dropping 4% . Consumer discretionary stocks sensitive to fuel costs also sank—Norwegian Cruise Line lost 6.9%, Starbucks fell 4.8% .
The losses were global: Germany’s DAX dropped 1.5%, Hong Kong’s Hang Seng fell 1.9%, and South Korea’s Kospi plunged 3.2% .
