US markets post 5 straight weekly losses amid Iran war uncertainty – National
US stocks dipped on Friday as Wall Street ended its fifth straight week of losses, its longest streak in nearly four years.
The S&P 500 fell 1.7% to end its worst week since the war with Iran began. The Dow Jones Industrial Average lost 793 points, or 1.7%, and is down more than 10% from its record set last month, while the Nasdaq composite sank 2.1%.
The loss was a break from Wall Street’s pattern this week, where the U.S. stock market has swung from gains to losses each day as hopes rose and fell about a possible end to the war.
Canada’s main stock index, on the other hand, ended slightly in positive territory, helped by gains in the fundamentals sector.
The S&P/TSX composite index was up 73.13 points at 31,960.65.
After the US stock market ended trading on Thursday, President Donald Trump offered many opportunities for optimism.
He added a self-imposed deadline to “destroy” Iran’s power plants by April 6 if it does not fully allow oil tankers to leave the Persian Gulf through the Strait of Hormuz and into the open sea.
Oil prices fell immediately after that, indicating hope that some normalcy might return to crisis. It was similar to the relief that hit markets on Monday, when oil prices fell 10% after Trump announced the first delay in the deadline to clear the Strait of Hormuz.
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But oil prices started to rise again as trading moved west on Friday from Asia to Europe and back to Wall Street. Despite Trump’s latest announcement, fighting continued in the Middle East. Iran has given no signs of backing down, and Israel has threatened to “increase and increase” its attacks on Iran.
“The tensions between the US and Iran this week have spooked investors,” said Doug Beath, global equity strategist at Wells Fargo Investment Institute. “At the end of the week, the appetite could not withstand the fog of war.”
“Any other statements by Trump about the deal are white noise for the markets,” Jim Bianco, president and strategist at Bianco Research, wrote in a social media post. “Only if the IRANIANS say the talks are going well will they have an impact on the markets.”
The price of a barrel of Brent crude oil rose 3.4% to reach $105.32. That rises to around $70 just before the fight begins. Benchmark US crude rose 5.5% to settle at $99.64 per barrel.
The fear in the financial markets is that the war will disrupt the energy industry in the Persian Gulf for a long time. That could keep enough oil and natural gas off the world market to send a punishing wave of inflation through the global economy.
Not only will it raise the prices for motorists who buy fuel, it can pressure businesses that use any trucks, ships or planes to move their products to raise their prices. It will also make electricity from gas-fired power plants more expensive.
If the war continues until the end of June, Macquarie strategists say the price of oil could reach $200 per barrel. The record is just over $147, which was set in the summer of 2008. That’s where Iran’s missile tests, including one that could reach Israel, and strong demand for oil from China helped send prices up despite a deep recession.
High fuel prices and the war are already hurting confidence among US consumers, whose spending makes up a large part of the economy. Sentiment among them fell slightly in March from February than economists had expected, according to a survey by the University of Michigan.
On Wall Street, many stocks fell, including three-quarters of the S&P 500. The index, a key measure of the health of the US stock market, is 8.7% below its all-time high set in January.
Big Tech stocks were among the market’s top heavyweights, including a 4% drop for Amazon, 4% for Meta Platform and 2.2% for Nvidia.
Companies that sell non-essential items, which customers may stop buying if they spend too much money on gas, are also in deep trouble. Norwegian Cruise Line Holdings fell 6.9%, Starbucks fell 4.8% and Chipotle Mexican Grill fell 4.1%.
All told, the S&P 500 fell 108.31 points to 6,368.85. The Dow Jones Industrial Average fell 793.47 to 45,166.64, while the Nasdaq composite sank 459.72 to 20,948.36.
In stock markets abroad, indices fell in Europe following a mixed finish in Asia.
In the bond market, which has helped influence Trump’s actions in the past, Treasury yields fluctuate.
The 10-year Treasury yield rose to 4.48% before retreating to 4.43%. That’s up from 4.42% late Thursday and from 3.97% before the fight began. This increase has sent a jump in mortgage rates and other debt taken on by US households and businesses, slowing the economy.
High Treasury yields and disruptions in the bond market were the main factors Trump cited last year when he backed off his initial threats of global tariffs made on “Independence Day.” These moves have prompted critics to blame Trump every now and then, or “TACO,” if financial markets show enough pain.
AP Business Writers Chan Ho-him and Matt Ott contributed.
© 2026 The Canadian Press
