The Dow ultimately tumbled into correction territory today alongside the tech-heavy Nasdaq, as both major indexes marked steep triple-digit losses. Continued uncertainty surrounding U.S.-Iran talks and increasing energy prices added pressure to an already unstable week of trading. A surge from Brent crude prices above $110 fanned supply concerns, as the Strait of Hormuz remains a point of contention in the Middle East conflict.
All three major benchmarks ticked off a fifth consecutive week in the red, with the S&P 500 finishing the session sharply lower as well and marking its lowest close since August with the Nasdaq. Elsewhere, the Cboe Volatility Index (VIX) marked its first weekly gain in three.
Crude Hits 3-Year High on Supply Fears
As Brent crude charged above $110, front-month crude settled at its highest level since 2022, as supply fears persisted. Front-month May-dated West Texas Intermediate (WTI) crude futures surged 5.5% to finish at $99.64 per barrel on the day and up 1% for the week.
Gold futures also saw a positive session, as investors bought the commodity on the dip. April-dated gold futures added 3.6% to finish at $4,533.70 an ounce for Friday, and up 0.4% for the week.
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