U.S. equities tumbled to their lowest levels in nearly seven months on Friday as the Nasdaq 100, heavily weighted toward tech stocks, officially entered correction territory. Investors, it appears, remain chilled by Iran’s pushback against ceasefire options and a fresh escalation of geopolitical tensions.
Iran reiterated that the Strait of Hormuz remains closed and that ships will face consequences, while also warning of potential strikes on steel plants in the Gulf and Israel — a sharp rejection of the diplomatic 10-day window President Donald Trump announced late Thursday.
WTI crude surged 3.9% to $98.18 per barrel and Brent crude climbed 3.3% to $111.61, extending its monthly gain to more than 42%.
The S&P 500 fell 0.9% to 6,417, while the Dow Jones Industrial Average declined 465 points, or 1%, to 45,495. The Nasdaq 100 also dropped 1% to 23,342 — now down more than 10% from its January highs, officially entering correction levels.
The small-cap Russell 2000 shed 1.1% to 2,466.
Within Magnificent Seven stocks, Meta Platforms Inc. (NASDAQ:META) extended its steep three-day rout, falling an additional 3.4% — bringing its cumulative loss since Wednesday’s close to 10% — as markets continued to process mass layoffs and a court ruling labeling its platforms addictive to minors.
Month-to-date the social media giant has dropped nearly 20%, on pace for its worst month since October 2022.
The macro data reinforced stagflationary concerns. The final University of Michigan Consumer Sentiment reading for March tumbled to 53.3 — near record lows and below the preliminary estimate of 55.5 — while one-year inflation expectations jumped to 3.8%.
Treasuries sold off broadly, with the 30-year yield climbing to 4.958% — threatening to breach the psychologically significant 5% level for the first time since July 2025.
Markets have sharply repriced Federal Reserve expectations: traders now assign nearly a 50% probability to a rate hike by December — a dramatic reversal from earlier expectations of two rate cuts in 2026.
Gold surged 3.5% to $4,532.52 per troy ounce, rebounding sharply as investors sought safe-haven assets amid the military escalation and soaring inflation expectations.
Bitcoin (CRYPTO: BTC) tumbled to $65,810, down 4.6% on the day, as the risk-off rotation out of speculative assets accelerated. The CBOE Volatility Index climbed to 29.53 on Friday — up 7.6% on the session.
The CBOE Volatility Index climbed to 29.53 on Friday — up 7.6% on the session
Friday’s Performance In Major US Indices
| Index | Last | % Change | MTD | YTD |
|---|---|---|---|---|
| S&P 500 | 6,417.51 | -0.93% | -6.6% | -6.1% |
| Dow Jones | 45,495.15 | -1.01% | -6.9% | -5.0% |
| Nasdaq 100 | 23,342.00 | -1.03% | -6.7% | -9.8% |
| Russell 2000 | 2,466.00 | -1.07% | -7.1% | -6.5% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) slid 0.9%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) fell 1.0%.
- The Invesco QQQ Trust (NASDAQ:QQQ) declined 1.0%.
- The iShares Russell 2000 ETF (NYSE:IWM) lost 1.1%.
Gold Miners And Energy Lead While Tech And Software Bear The Brunt
The Energy Select Sector SPDR Fund (NYSE:XLE) advanced 1.9%, leading all S&P 500 sectors as surging crude prices lifted exploration, refinery, and pipeline names.
The Utilities Select Sector SPDR Fund (NYSE:XLU) added 1.6% and the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) gained 1.3%, as investors rotated defensively into yield-bearing and non-cyclical plays amid broad market stress.
On the other end, the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) fell 1.7% — the session’s worst-performing sector — pressured by soaring energy costs and the sharpest drop in consumer confidence in months.
Among industry ETFs, the VanEck Gold Miners ETF (NYSE:GDX) surged 4.2% — its strongest single-session gain in recent weeks — as gold rebounded sharply above $4,500 per ounce on safe-haven demand.
On the downside, software stocks led losses, with the iShares Expanded Tech-Software ETF (BATS:IGV) down 2.6%. The First Trust Dow Jones Internet ETF (NYSE:FDN) dropped 2.3% amid Meta’s continued slide, while the U.S. Global Jets ETF (NYSE:JETS) fell 1.2% as rising fuel costs weighed on airlines.
Friday’s Russell 1000 Top Gainers
| Name | % Change |
|---|---|
| Unity Software Inc. (NYSE:U) | +10.88% |
| Entergy Corp. (NYSE:ETR) | +8.11% |
| Brown-Forman Corp. (NYSE:BF) | +5.99% |
| Teleflex Inc. (NYSE:TFX) | +5.39% |
| Campbell’s Company (NASDAQ:CPB) | +5.32% |
Friday’s Russell 1000 Top Losers
| Name | % Change |
|---|---|
| Shift4 Payments Inc. (NYSE:FOUR) | -7.46% |
| Sarepta Therapeutics Inc. (NASDAQ:SRPT) | -7.11% |
| Datadog Inc. (NASDAQ:DDOG) | -6.66% |
| Okta Inc. (NASDAQ:OKTA) | -6.61% |
| AST SpaceMobile Inc. (NASDAQ:ASTS) | -6.48% |
Image: Shutterstock
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