U.S. stocks extended losses Wednesday as a surge in crude oil prices — defying a historic reserve release from the International Energy Agency — combined with a broad selloff in private credit stocks to weigh on risk sentiment.
Iran struck three more cargo vessels in the Strait of Hormuz overnight, extending a campaign that has now targeted more than a dozen ships since the conflict began.
The IEA authorized an unprecedented 400-million-barrel release of emergency reserves from its 32 member nations — the body’s largest emergency action on record — but crude markets shrugged off the announcement.
WTI crude surged 6.1% to $88.56 a barrel and Brent crude advanced 6.0% to $93.06, by midday trading in New York.
Equity indices fell across the board, with the Dow Jones Industrial Average leading declines for the second consecutive session.
The blue-chip index fell 1.1% to 47,190 and the S&P 500 shed 0.5% to 6,750. The Nasdaq 100 slipped 0.3% to 24,890 while the Russell 2000 dropped 0.9% to 2,520. The CBOE Volatility Index rose 3.7% to 25.84.
The 10-year Treasury yield rose to 4.22%, despite February’s in-line CPI print as rising energy prices trigger inflation concerns for the months to come. The U.S. Dollar Index traded near 99, close to its recent three-month high.
Energy was the only sector to advance, with the Energy Select Sector SPDR Fund (NYSE:XLE) gaining 1.7%. Consumer staples lagged all 11 S&P sectors, with the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) sliding 1.3%.
Chart Of The Day: Largest Ever Oil Reserve Release Did Little To Stop Crude’s Rally
Fertilizers, Refiners Rally On Hormuz Disruption, Private Asset Managers Sink On Credit Concerns
Refinery stocks rallied on spiking gasoline and diesel futures — RBOB gasoline rose 5.4% to $2.78 and Ultra-Low Sulphur Diesel wholesale prices skyrocketed 9.8% to $3.67. Natural gas rose 4.5% to $3.16 per MMBtu.
Marathon Petroleum Corporation (NYSE:MPC) gained 4.6% and HF Sinclair Corporation (NYSE:DINO) advanced 4.3%, among the best performers within the Russell 1000.
The Gulf shipping disruption drove sharp gains in fertilizer stocks. CF Industries Holdings, Inc. (NYSE:CF) rose 6.7% to and The Mosaic Company (NYSE:MOS) climbed 6.3%as traders priced in an extended halt to Middle East urea and phosphate exports.
Meanwhile, reports that JPMorgan Chase had tightened lending to private credit funds and marked down loan values triggered a sharp selloff in alternative asset managers.
Ares Management Corporation (NYSE:ARES) fell 6.2%, Blue Owl Capital Corporation (NYSE:OWL) dropped 5.2%, Apollo Global Management, Inc. (NYSE:APO) shed 4.1%, KKR & Co. Inc. (NYSE:KKR) lost 3.5% and Blackstone Inc. (NYSE:BX) slid 3.2%.
Within earnings movers, Oracle Corporation (NYSE:ORCL) surged 9% after third-quarter fiscal 2026 results beat on both lines, with EPS of $1.79 versus the $1.70 estimate and revenue of $17.2 billion topping the $16.92 billion consensus.
Cloud revenue climbed 44% and AI infrastructure revenue soared 243% year-over-year. The company raised fiscal 2027 revenue guidance to $90 billion, lifting shares 10.4% to $164.90.
Wednesday’s Performance In Major US Indices
| Major Indices | Price | % Change |
|---|---|---|
| Nasdaq 100 | 24,893.54 | -0.3% |
| S&P 500 | 6,748.36 | -0.5% |
| Dow Jones | 47,191.31 | -1.1% |
| Russell 2000 | 2,524.53 | -0.9% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.5%.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1.1%.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) declined 0.3%.
- The iShares Russell 2000 ETF (NYSE:IWM) traded 0.9% lower.
Russell 1000’s Top 5 Gainers And Losers On Wednesday
| Stock Name | % Change |
|---|---|
| Oracle Corporation | +10.37% |
| Astera Labs, Inc. | +8.06% |
| CF Industries Holdings, Inc. | +6.69% |
| The Mosaic Company | +6.31% |
| Antero Resources Corporation (NASDAQ:AR) | +4.64% |
| Stock Name | % Change |
|---|---|
| Fair Isaac Corporation (NYSE:FICO) | -9.28% |
| The Campbell’s Company (NASDAQ:CPB) | -7.49% |
| Medical Properties Trust, Inc. (NYSE:MPT) | -7.01% |
| Hamilton Lane Incorporated (NASDAQ:HLNE) | -6.38% |
| Ares Management Corporation | -6.24% |
Image: Shutterstock
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