Markets
Stocks ended a challenging week lower as investors’ attention shifted from updates on ceasefire talks to concerns about the economic impact of a protracted conflict.
The Standard & Poor’s 500 Index lost 2.12 percent, while the Nasdaq Composite Index fell 3.23 percent. The Dow Jones Industrial Average slid 0.90 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, ended the week flat (-0.05 percent).¹²
Markets Sell Off
Stocks opened higher to start the week as fresh optimism for a resolution to the Middle East conflict permeated market sentiment, and no further news on Iraq’s force majeure declaration appeared to help momentum.
Both the Dow Industrials and S&P 500 booked their best day since early February as the White House reported “very good and productive conversations” to end hostilities.³
Markets were under pressure on Tuesday but staged a recovery rally midweek amid reports that Pakistan was mediating ceasefire talks. All three major averages posted solid gains, though it appeared that retail investors remained on the sidelines.⁴
The upbeat sentiment was short-lived. Markets were under steady pressure Thursday, despite news after the close of trading that the White House was extending the previous pause on military strikes on Iranian energy infrastructure by an additional 10 days.
Selling picked up on Friday. The Nasdaq and Dow Industrials fell into correction territory, while the S&P suffered its longest weekly losing streak in almost four years.
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