Brent crude topped $110. The Nasdaq is officially in correction. And for the first time since 2023, futures markets are pricing in a rate hike.
THE RUNDOWN
WAR › The Dow fell 793 points on Friday and entered correction territory for the first time since early 2023, joining the Nasdaq, which is now down 10.9% from its October high. Brent crude topped $112 after Iran turned back two China-owned container vessels from the Strait of Hormuz, per the WSJ. President Trump extended his deadline for Iran to reopen the strait by 10 days to April 6, calling talks “very well” while Iran denied any direct negotiations. Meanwhile, the Pentagon is weighing 10,000 additional ground troops to give Trump more military options.
MARKETS › The S&P 500 posted its fifth straight weekly decline, falling 2.1% for the week and 6.8% for the month. If that holds, it’s the worst March since December 2022. Every single Magnificent 7 name is now down more than 10% from its highs. Citi cut its equity allocation to neutral, citing “most of our negative equity macro risk signals triggering.” Nineteen S&P 500 stocks hit new 52-week highs on Friday. The number hitting new lows was much longer.
