Source: Sharecast
The Dow finished 1.6% lower at 46,677.85, the S&P 500 fell 1.5% to 6,672.72, while the Nasdaq dropped 1.8% to 22,311.98 – with all three indices finishing at their lowest levels since mid-November 2025.
"Markets woke up to a brutal reminder that when oil grabs the steering wheel, the rest of the financial system rides shotgun, whether it likes it or not," said Stephen Innes, managing partner at SPI Asset Management.
"The harsh reality creeping across global markets is that investors, central banks and ordinary consumers alike are now learning what it feels like to be held hostage over the barrel."
Brent crude jumped 9.2% to finish the session at $100.46 a barrel. While the price hit a high of $119.50 in intraday trading earlier in the week, this was the first settlement price over $100 since August 2022, and marked the biggest daily percentage increase since May 2020.
The latest surge came on the back of rising concerns about shipment disruptions along the key Strait of Hormuz, while hostilities again intensified across the Middle East, with more vessels hit in the Gulf, along with a fuel facility in Bahrain and an Italian military base in Iraq.
Iran's new Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz should remain closed as a way to pressure its adversaries. Meanwhile, US president Donald Trump said that stopping Iran's nuclear ambitions was more important than preventing further increases in oil prices, indicating that hostilities may have a lot further to run for now.
Prices climbed despite members of the International Energy Agency agreeing on Wednesday to release an unprecedented 400m barrels of oil stockpiles to help curb the economic fallout from the war.
Jobless claims inch lower
On the macro front, US initial jobless claims fell 1,000 to 213,000 in the week ended 7 March, according to the Labor Department, while the four-week moving average decreased 4,000 from the previous week's upwardly revised reading to 212,000.
US construction data was mixed in January, with building permits falling even as housing starts picked up. According to the Census Bureau, building permits dropped 5.4% month-on-month to 1.37m, the lowest level seen since August 2025 and below expectations of 1.41m. Housing starts, however, rose for a third straight month, climbing 7.2% to 1.487m, well above the 1.35m forecast and up from December's downwardly revised 1.387m reading to the highest level since February 2025.
Lastly, America's goods trade deficit narrowed sharply in January, shrinking to $54.5bn from a revised $72.9bn in December, according to the Census Bureau, compared to forecasts of a $66.6bn print. Exports rose 5.5% month-on-month to a record high of $302.1bn, while imports dropped 0.7% to $356.6bn.
Banks provide a drag
Banking stocks were among the day's worst performers – mirroring trends across European markets – as cyclicals were sold off due to a deteriorating global economic outlook. Goldman, Morgan Stanley and Bank of America fell the most, while JPMorgan Chase, Citigroup and Wells Fargo also finished in the red.
Chevron was one of just four risers among the Dow's 30 constituents as oil prices headed higher. Others in the sector such as Exxon Mobil, ConocoPhillips and Marathon Petroleum also finished up.
In contrast, airlines were on the descent as the outlook for fuel prices worsened, including American Airlines, JetBlue, United and Delta.
Dollar General underwhelmed the market with forecast-beating fourth-quarter results and in-line guidance for the current year, with shares falling sharply as investors booked profits following a strong rally in the stock over the past year.
Dick's Sporting Goods gained on a stronger‑than‑expected finish to the year, beating fourth-quarter revenue forecasts as sales jumped 59.9% to $6.23bn.
Dow Jones - Risers
Dow Chemical Co. (DOW) $37.58 9.34%
Chevron Corp. (CVX) $196.97 2.70%
Salesforce.Com Inc. (CRM) $199.28 2.65%
Travelers Company Inc. (TRV) $302.01 0.87%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $787.52 -4.40%
Boeing Co. (BA) $204.76 -4.36%
3M Co. (MMM) $149.10 -3.91%
Intel Corp. (INTC) $45.25 -3.66%
Home Depot Inc. (HD) $338.93 -3.39%
Unitedhealth Group Inc. (UNH) $277.05 -2.87%
Nike Inc. (NKE) $54.13 -2.82%
Apple Inc. (AAPL) $255.76 -2.14%
Amgen Inc. (AMGN) $367.79 -1.94%
Procter & Gamble Co. (PG) $150.50 -1.84%
S&P 500 - Risers
Celanese Corp. (CE) $59.60 14.75%
CF Industries Holdings Inc. (CF) $136.00 13.21%
LyondellBasell Industries (LYB) $74.33 10.33%
Mosaic Company (MOS) $31.36 7.58%
Apache Corp. (APA) $33.61 6.31%
Occidental Petroleum Corp. (OXY) $58.41 5.09%
Air Products & Chemicals Inc. (APD) $290.48 4.61%
Eastman Chemical Co. (EMN) $70.59 4.24%
Kroger Co. (KR) $74.96 3.84%
Philip Morris International Inc. (PM) $172.00 3.09%
S&P 500 - Fallers
Estee Lauder Co. Inc. (EL) $84.29 -7.92%
Carnival Corp. (CCL) $23.92 -7.89%
International Paper Co. (IP) $35.65 -7.79%
Southwest Airlines Co. (LUV) $38.61 -7.74%
Schlumberger Ltd. (SLB) $44.56 -7.49%
DENTSPLY Sirona Inc. (XRAY) $11.80 -7.15%
Royal Caribbean Cr (RCL) $266.49 -6.99%
TripAdvisor Inc. (TRIP) $9.33 -6.98%
Jefferies Financial Group Inc. (JEF) $36.02 -6.95%
Lamb Weston Holdings, Inc. (LW) $40.45 -6.88%
Nasdaq 100 - Risers
Sirius XM Holdings Inc (SIRI) $22.23 1.07%
Monster Beverage Corp (MNST) $76.99 0.97%
Hasbro Inc (HAS) $95.11 0.82%
Cintas Corp. (CTAS) $193.26 0.75%
Costco Wholesale Corp. (COST) $1,003.32 0.72%
Liberty Global plc Series C (LBTYK) $12.07 0.37%
JD.com, Inc. (JD) $27.94 0.14%
Nasdaq 100 - Fallers
DENTSPLY Sirona Inc. (XRAY) $11.80 -7.15%
J.B. Hunt Transport Services Inc. (JBHT) $201.13 -6.62%
Workday, Inc. (WDAY) $134.14 -6.24%
Illumina Inc. (ILMN) $115.56 -5.86%
Kraft Heinz Co. (KHC) $22.33 -5.50%
Qvc Group Inc Series A (QVCGA) $3.13 -5.44%
American Airlines Group (AAL) $10.55 -5.04%
Texas Instruments Inc (TXN) $190.05 -4.80%
Automatic Data Processing Inc. (ADP) $207.45 -4.74%
Paychex Inc. (PAYX) $91.67 -4.69%