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U.S. equities fell sharply Friday as a weak jobs report and surging crude oil reignited stagflation fears.
President Donald Trump issued a stark ultimatum to Iran, demanding unconditional surrender and warning of devastating consequences should attacks on U.S. forces continue. Qatar’s energy minister warned oil could surge past $150 should the Strait of Hormuz fully close.
Iran responded with a missile strike targeting U.S. military positions in Bahrain and warned the European Union would become a "legitimate target" if it joined the conflict.
Energy markets reacted immediately.
Oil prices jumped to $91 a barrel, up 12% on the day, and reached the highest levels since October 2023. Crude has rallied nearly 35% for the week, set for the biggest weekly gain in the commodities’ trading history. Natural gas futures rose 6.1% to $3.19.
Economic data added another layer of concern for investors.
February nonfarm payrolls fell by 92,000, well below expectation of 59,000 growth, lifting the unemployment rate to 4.4%. The miss now places the Federal Reserve in a difficult position, as oil-driven inflation may prevent rate cuts even as the labor market softens.
Every major index declined, while energy stocks bucked the trend on the back of Iran-driven oil gains.
By 1:12 p.m. in New York, the S&P 500 fell 1% to 6,760 and the Dow Jones Industrial Average also dropped about 600 points, 1%, to 47,472.
The Nasdaq 100 declined 0.67% to 24,851 and the Russell 2000 dropped 2.42% to 2,522. The Cboe Volatility Index rose 13.77% to 27.02.
The Energy Select Sector SPDR Fund (NYSE:XLE) was the session’s only green sector, gaining 0.2%.
The Materials Select Sector SPDR ETF (NYSE:XLB) lagged all 11 sectors, down 1.9%, while the Financial Select Sector SPDR ETF (NYSE:XLF) fell 1.9% as risk-off selling hit banks and insurers.
The 10-year U.S. Treasury yield held at 4.13%, while the 30-year rose to 4.75%. Gold climbed to $5,144.01 per ounce as investors sought safety.
Bitcoin (CRYPTO: BTC) fell 4.0% to $68,285.20 as risk appetite deteriorated.
| Major Indices | Price | % Change |
|---|---|---|
| Nasdaq 100 | 24,777.53 | -1.0% |
| S&P 500 | 6,751.39 | -1.2% |
| Dow Jones | 47,344.15 | -1.3% |
| Russell 2000 | 2,525.27 | -2.3% |
According to Benzinga Pro data:
Top Gainers
| Stock Name | % Change |
|---|---|
| Marvell Technology, Inc. (NASDAQ:MRVL) | +21.21% |
| Samsara Inc. (NYSE:IOT) | +16.24% |
| Karman Holdings Inc. (NYSE:KRMN) | +5.39% |
| CF Industries Holdings, Inc. (NYSE:CF) | +5.25% |
| Murphy USA Inc. (NYSE:MUSA) | +4.79% |
Top Losers
| Stock Name | % Change |
|---|---|
| Ingram Micro Holding Corporation (NYSE:INGM) | -17.02% |
| The Gap, Inc. (NYSE:GAP) | -13.55% |
| Western Alliance Bancorporation (NYSE:WAL) | -11.25% |
| Jefferies Financial Group Inc. (NYSE:JEF) | -10.04% |
| Saia, Inc. (NASDAQ:SAIA) | -9.01% |
Image: Shutterstock
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Western Alliance Sues Jefferies Over Soured Loan, Records Charge-Off
JEF -13.53% WAL -8.46%
The Wall Street Journal
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