Whats up with the Markets today?

 

It's been a volatile Friday. Here's the rundown:

The big story: Iran & oil. Thursday's session delivered one of the sharpest single-day losses of 2026 as Iran's newly appointed Supreme Leader declared that the Strait of Hormuz should remain shut as a tool of pressure against Western rivals, sending Brent crude above $100 per barrel for the first time since August 2022. Capitalstreetfx

Today's price action is choppy — markets opened higher then faded. The S&P 500 is down about 0.5%, putting it 5% below its recent high. The Nasdaq is off around 1%, while the Dow is roughly flat. The benchmark is headed for a 1.5% loss this week — on pace for its first three-week losing streak in about a year. CNBC

Oil remains elevated. West Texas Intermediate crude futures were up more than 1% at around $97 per barrel. CNBC The US did ease some sanctions on Russian oil in transit to offset supply, but it hasn't done much to calm the market.

Stagflation fears are the underlying macro worry. Fears of 1970s-style stagflation have been stoked as rising oil prices coincide with weaker-than-expected growth — Q4 GDP was revised down to 2.1%, a quarter point lower than its prior reading. CNBC

Consumer sentiment is sliding. The University of Michigan's survey came in at 55.5 for March, with the director noting that interviews taken before the Iran military action showed improvement, but readings during the nine days after completely erased those initial gains. CNBC

Notable movers: Adobe is down ~6% after its CEO departure, Ulta Beauty is off ~10% on mixed earnings, while Boeing, Sherwin-Williams, and 3M are among the Dow's bright spots. TheStreet

Gold is around $5,120 and Bitcoin near $72,600. The bottom line: markets are trying to bounce after a brutal Thursday, but the Iran situation is keeping a lid on any real recovery going into the weekend.

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