Overview
- Wall Street's selloff Friday closed a fifth straight down week as the S&P 500 fell 1.7%, the Dow dropped 1.7% or 793 points, and the Nasdaq lost 2.1%.
- Brent crude settled near $105 a barrel and U.S. crude jumped, lifting fuel and shipping costs that feed into broader prices for goods and services.
- The 10-year Treasury yield hit 4.48%, and futures pricing showed no expected Fed rate cuts until December 2027 with roughly even odds of a hike by March 2027, which makes stocks less attractive versus safer income.
- President Trump's move to push his deadline on Iran to April 6 briefly eased oil markets before renewed fighting kept prices elevated.
- Global pressures added to the slide as bond yields in Europe and Japan climbed, U.S. consumer sentiment was revised lower with higher near-term inflation expectations, and China opened new probes into U.S. trade practices.