On Thursday, March 20, 2026, the S&P 500 Index closed down 0.27%, the Dow Jones Industrial Average fell 0.44%, and the Nasdaq 100 Index dropped 0.29%, marking 3.75-month lows for all three major U.S. indexes. Concerns about potential tightening monetary policy from global central banks amid rising energy prices linked to the ongoing war in Iran spurred these declines. March E-mini S&P futures decreased 0.24%, while March E-mini Nasdaq futures declined by 0.25%.
European natural gas prices surged over 13% to a three-year high after Qatar reported significant damage to its Ras Laffan gas plant, impacting 17% of its LNG export capacity. The 10-year U.S. Treasury yield rose to a 6.75-month high of 4.32%. Meanwhile, U.S. weekly initial unemployment claims fell by 8,000 to a nine-week low of 205,000, alongside a surprise increase in the Philadelphia Fed business outlook survey.
Despite the market downturn, crude oil prices fluctuated due to geopolitical tensions and a potential increase in U.S. supply, with forecasts suggesting that crude could exceed $150 per barrel if conflicts continue to disrupt supply routes through the Strait of Hormuz.
