Overview
- U.S. stocks, which sank Friday, ended a fifth straight losing week with the Dow and Nasdaq more than 10% below recent highs.
- Brent crude surged above $110 to roughly $113 a barrel and the 10-year U.S. Treasury yield reached about 4.48%, stoking worries about inflation and growth.
- Futures pricing from the CME FedWatch Tool now points to no Federal Reserve rate cuts until December 2027 and about a 51% chance of a hike by March 2027.
- Tensions tied to the U.S.–Israel–Iran war intensified, with reports of strikes inside Iran and a Wall Street Journal report that the Pentagon is weighing up to 10,000 additional troops.
- Big Tech led the retreat as the “Magnificent Seven” shed more than $330 billion in market value in a single session, deepening the week’s losses.