On March 13, U.S. stock indices showed declines: the S&P 500 decreased by 0.24%, the Dow Jones Industrial Average fell by 0.34%, and the Nasdaq 100 dropped by 0.21%. This downturn followed the release of February producer prices, which rose 0.7% month-over-month and 3.4% year-over-year, exceeding expectations and indicating persistent inflation pressures.
WTI crude oil prices experienced volatility, initially dropping over 2% before rising more than 2% amid escalating tensions in the Iran conflict, with reports of airstrikes impacting key oil facilities. The International Energy Agency noted that 7.5% of global oil supply is disrupted due to the conflict, potentially reducing oil production by 8 million barrels per day this month. Goldman Sachs warned that if disruptions continue through March, crude prices could surpass $150 per barrel.
In U.S. housing data, mortgage applications fell by 10.9% for the week ending March 13, while the average 30-year fixed mortgage rate increased to 6.30% from 6.19%. The Federal Open Market Committee’s meeting today is anticipated to result in no change to the federal funds rate target range, currently set at 3.50%-3.75%.
