Overview
- Wall Street finished Friday with a fifth straight weekly loss, and both the Dow and Nasdaq closed more than 10% below recent peaks, confirming correction status.
- Brent crude stayed above $100 and U.S. oil neared $100 after disruptions around the Strait of Hormuz, the channel that moves about a fifth of the world’s oil.
- Trump pushed his deadline to strike Iran’s energy sites to April 6 on Thursday, and Iranian state-linked outlets said Tehran rejected a U.S. 15-point ceasefire plan.
- Bond markets flashed inflation worries as the 10-year Treasury yield hit about 4.48% Friday and the VIX fear gauge rose near 30, cutting expectations for Fed rate cuts this year.
- Drivers faced higher costs with average U.S. gasoline near $4 a gallon, and analysts warned repairs to damaged Gulf energy hubs could keep fuel and shipping prices elevated.