US stocks fell on Friday, with the Dow Jones Industrial Average (^DJI) entering correction territory, as oil prices surged.
The Nasdaq Composite (^IXIC) dropped 2.1%, sliding deeper into correction territory amid a broad sell-off in technology stocks. Meanwhile, the Dow fell 1.7%, also moving into a correction, or more than 10% off its all-time high.
The S&P 500 (^GSPC) declined about 1.7%, marking its longest losing streak since 2022, with losses extending to a fifth consecutive week. The “Magnificent Seven” megacap stocks posted a loss of over $330 billion in market cap for the day.
Oil prices pushed higher on Friday as attacks continued across the Middle East, raising concerns the war could run into April and beyond. Brent crude (BZ=F) traded above $106 a barrel, while West Texas Intermediate (CL=F) topped $100 as investors eyed the growing economic hit from the halt to Strait of Hormuz traffic.
Trump extended his deadline for Iran by 10 days, giving the country until April 6 to comply with US demands or face strikes on its power plants. The move marks a shift in Trump’s tone around the war, showing a potential path toward deescalation. Still, uncertainty lingers over whether Trump’s pause will pay off, given Iran’s sustained rejection of US efforts to reach a deal.
