Stock market today: Live updates
By: Sean Conlon,Sarah Min (CNBC)
TRUMP DID THAT!
S E E D E D C O N T E N T
Updated Fri, Mar 27 202610:52 AM EDT
Dow falls 300 points, briefly enters correction territory as Trump's Iran extension fails to soothe markets: Live updates
The Dow Jones Industrial Average tumbled on Friday and briefly fell into correction territory, while Brent traded above $110 after incidents in the Strait of Hormuz exacerbated investors' energy supply concerns and President Donald Trump's latest comments failed to encourage traders to scoop up shares.
The 30-stock Dow was last down 352 points, or 0.8%. The S&P 500 lost 0.8%, while the Nasdaq Composite dropped 1.2%.
The broad market index was headed for their fifth straight weekly declines, down more than 1%. The tech-heavy Nasdaq has slid more than 2% week to date, while the blue-chip Dow is around the flatline for the week.
Friday's slip comes a day after the Nasdaq on Thursday fell into a correction, down more than 10% from a record set in October. The Dow continued to flirt with correction territory Friday after moving into it in morning trading. It's currently down 9.7% from its recent high. The S&P 500 is around 8% below its record.
Stock Chart IconStock chart iconDow Jones Industrial Average, year-to-date
International benchmark Brent crude futures rose 2% to above $110 per barrel. U.S. West Texas Intermediate futures also gained 2% to above $96 a barrel.
President Donald Trumpextended a deadline to attack Iran's energy infrastructure to April 6, a little over a week after the original deadline that was set to end Friday.
"As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction," Trump said in a Truth Social post. "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well. Thank you for your attention to this matter!"
The announcement is the latest signal the Trump administration is seeking an end to the U.S.-Iran war, a conflict that has resulted in surging oil prices that's already hurting voters at the pump and could cost Republicans their seats in the midterm elections.
A resolution to the conflict would be a boon for the stock market, which has tumbled since the U.S. and Israel attacked Iran's energy infrastructure on Feb. 28.
Uncertainty remains for investors, however, after Iran's foreign minister reportedly told state media this week that Tehran has no intention of holding talks with the U.S., even if its leaders are reviewing an American proposal to end the war. On top of that, The Wall Street Journal reported, citing people familiar with the matter, that the Pentagon was considering sending another 10,000 troops to the Middle East.
The Strait of Hormuz is closed, Iran's Islamic Revolutionary Guard Corps has said to the country's state media, adding that movement through the key waterway will face a harsh response. Two Chinese ships were turned away from crossing the Strait early Friday, and a Thai-flagged cargo ship that had been hit in the waterway has run aground, Iran state media said.
"I think we're headed lower in the medium term until we get some more certainty," Adam Parker, founder at Trivariate Research, told CNBC's "Closing Bell" on Thursday. "You got to be cautious here and not take a ton of risk in the near term."
Moments Ago
The Fed's next move could possibly be a rate hike, fed funds futures show
Surging energy prices, rising import costs and mounting stagflation concerns are pushing markets to consider that the Federal Reserve's next move could be a rate hike.
Traders in the futures market pushed the probability of a rate increase by the end of 2026 to 52% Friday morning, the first time it has crossed the 50% threshold, according to the CME Group FedWatch tool.
The move comes as global benchmark crude prices topped $110, adding to a series of developments this week signaling that inflation pressures may be building as the Iran war drags on and U.S. tariffs raise costs. Read more.
— Jeff Cox
33 Min Ago
University of Michigan sentiment reading close to estimate
Consumer views on the economy dipped in March while inflation expectations creeped higher on concerns over the impact from the war with Iran, according to the University of Michigan's closely watched survey.
The Survey of Consumers for the end of March saw a headline reading of 53.3, down 5.8% from February and 6.5% from a year ago. Economists surveyed by Dow Jones had been looking for 54.0.
Other parts of the survey saw the current conditions index fall 1.4% to 55.8 and the expectations index to tumbled to 51.7, down 8.7%.
On inflation expectations, the one-year outlook rose to 3.8%, up 0.4 percentage point from February but lower than the January reading. The five-year outlook edged lower to 3.2%.
The inflation readings indicated heightened worry about prices though generally indicated that no dramatic spikes are expected despite the surge in energy prices. For example, a year ago the one-year outlook was at 5%, around double the actual current level of consumer price index inflation.
"These patterns suggest that, at this time, consumers may not expect recent negative developments to persist far into the future," said survey Director Joanne Hsu. "These views are subject to change, however, if the Iran conflict becomes protracted or if higher energy prices pass through to overall inflation."
— Jeff Cox
54 Min Ago
Dow moves into correction territory
The Dow Jones Industrial Average fell more than 500 points, or 1.1%, in morning trading on Friday, putting the index 10% below its 52-week high.
Stock Chart IconStock chart iconDow Jones Industrial Average, 1-year
— Sean Conlon
1 Hour Ago
Wall Street's fear gauge hits 30
The CBOE Volatility Index, otherwise known as Wall Street's fear gauge, surpassed the 30 level on Friday morning.
The VIX was trading at 30.01, as of 9:41 a.m. ET, after closing last Friday above 26.
Stock Chart IconStock chart iconCBOE Volatility Index, 5-day
— Sean Conlon
1 Hour Ago
Stocks open lower
The S&P 500 lost 0.5%, along with the Nasdaq Composite. The Dow Jones Industrial Average shed 316 points, or 0.7%.
— Fred Imbert
2 Hours Ago
- Unity Software — The platform for game developers surged more than 13% after Unity Software issued preliminary first-quarter adjusted EBITDA of $130 million to $135 million, higher than previous guidance of $105 million to $110 million.
— Sarah Min
17 Hours Ago
Stock futures open higher
Stock futures opened higher Thursday night.
Dow Jones Industrial Average futures rose by 92 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures climbed 0.2%, each.
— Sarah Min
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Someone give President Trump a golden participation award. He's obviously earned it.