US Stock Benchmarks Decline Sharply on Friday

The US stock market experienced a significant downturn on Friday, driven by concerns over the escalating conflict in West Asia and weak jobs data for February. As of 10:10 a.m. Eastern Time, the S&P 500 dropped 1.6%, the Dow Jones Industrial Average plummeted 823 points, or 1.7%, and the Nasdaq Composite declined 1.5%.

Market Performance

At the opening bell, the Dow Jones Industrial Average fell 320.2 points, or 0.67%, to 47,634.55. The S&P 500 dropped 61.7 points, or 0.90%, to 6,769.03, while the Nasdaq Composite declined 327.8 points, or 1.44%, to 22,421.172.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Energy Market Impact

The conflict in West Asia has disrupted the global energy and logistics industries, leading to a surge in crude oil prices. Brent North Sea crude rose over 5% to hit $90.25 per barrel, its highest level since April 2024. The West Texas Intermediate contract gained 8.1% to $87.56 per barrel.

Economic Data

The US Labor Department reported that the world's biggest economy unexpectedly lost 92,000 jobs in February, down from revised job growth of 126,000 in January. Unemployment edged up, and retail sales declined by 0.2% in January. The bond market saw US Treasury yields edge higher, with the yield on the 10-year Treasury climbing to 4.17% from 4.13% late on Thursday.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Key Stock Movers

Shares of Old Dominion Freight Line sank 7%, Norwegian Cruise Line Holdings fell 6.1%, and Southwest Airlines shed 5.7%.