Market Update
As of midday Friday, the S&P 500 and Dow Jones Industrial Average have both decreased by 0.7%, while the Nasdaq Composite fell by 1.1%. Over the last five days, the Nasdaq and S&P 500 are down by 2.2% and 1.1%, respectively, with all three indices down approximately 7% for the month of March. Rising oil prices, up nearly 4% on the day and 48% over the past month, are largely behind these declines, exacerbated by ongoing conflicts in the Strait of Hormuz affecting oil access from major producers beyond Iran.
In a contrast to the broader market sell-off, energy and utility sectors reported gains. Notably, tech stocks suffered, with major players like Meta Platforms and Amazon experiencing drops of at least 3%, negatively impacting cap-weighted indices such as the Nasdaq and S&P 500. As tensions related to Iran persist, the market is bracing for potential disruptions in global energy supply and subsequent price increases for consumers.
