The Dow and Nasdaq mirrored each other's losses on Friday, each shedding over 443 points as they neared correction territory, while the S&P 500 saw a triple-digit loss of its own. All three major benchmarks also marked their third-straight session in the red, as well as their fourth consecutive weekly drop.
Losses accelerated this afternoon on news that Iraq declared force majeure on oilfields operated by foreign companies, sending oil prices surging. All signs point to the U.S.-Iran war being far from over, amid reports that more Marines are headed to the Middle East and that the Trump administration is preparing to potentially use ground troops in Iran.
Gold Marks Worst Week Since 2011
Oil prices settled higher on Friday, after drones hit two refineries in Kuwait and Iraq declared force majeure at all foreign-operated oilfields. Plus, Treasury Secretary Scott Bessent noted the U.S. soon lift sanctions on Iranian crude in tankers. April-dated West Texas Intermediate (WTI) crude rose 2.3% to finish at $98.32 per barrel, but shed 0.4% this week.
Gold prices extended their recent losses amid volatile oil prices, as investors monitor the U.S.-Iran war an its impact on inflation. April-dated gold futures dropped 2.5% to finish at $4,489.60 an ounce. For the week, the precious metal shed more than 10% for its worst performance since 2011.
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