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U.S. Stocks Fall as Oil Rises and Jobs Data Weigh on Markets
U.S. crude oil futures surged over 12% to above $90 per barrel after a U.S.-Israeli military action halted shipping through the Strait of Hormuz, raising market volatility.
- On March 6, U.S. stocks closed lower in New York, with the S&P 500 losing 91.64 points, the Nasdaq shedding 361.31 points, and the Dow falling 447.12 points.
- A disappointing payrolls report intensified worries the U.S. economy may be cooling as the unemployment rate rose to 4.4% amid a healthcare workers' strike and harsh winter weather.
- Oil prices jumped, with U.S. crude over $90, and Michael Arone said, 'We are marching closer each day to $100 a barrel of oil, and that has caused much greater volatility and anxiety,' highlighting rising market uncertainty.
- Odds for a June rate cut shifted sharply as traders repriced risk, pulling forward bets for a 25-basis-point interest rate cut with June odds about even, complicating the Federal Reserve's path.
- Redemption pressures and tighter credit conditions cloud the near-term outlook for lenders as withdrawal limits at private credit funds rise amid oil-driven input cost pressures.
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Stocks drop after oil price surge, weak update on the U.S. job market
NEW YORK — Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October.
·Toledo, United States
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Stock Market Today: Major Indexes Retreat After Jobs Report Comes in Far Worse Than Expected, Oil Hits $90 a Barrel; Dow Ends Down 450 Points
Major stock indexes pulled back Friday to close lower for a second straight week after the U.S. employers unexpectedly cut jobs in February and oil futures soared above $90 a barrel.
U.S. Indexes Closed Down Friday; Bloom Energy Posted Biggest Loss
·New York, United States
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Coverage Details
Total News Sources15
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
Factuality
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