The Dow lost 470 points, while the Nasdaq suffered its worst loss since October
Wall Street's whipsaw price action continued another day, as the Dow, Nasdaq, and S&P 500 all logged a firm finish in the red. The blue-chip index lost 470 points, while the tech-heavy Nasdaq officially moved into correction territory, after its worst single-session decline since Oct. 10. Geopolitical drama remained at the forefront, after President Donald Trump warned Iran it will face consequences if negotiation talks are not taken seriously.
During his cabinet meeting in Washington D.C. this morning, Trump said Iran allowed 10 oil tankers through the Strait of Hormuz, calling it a "present." Oil and bond yields resumed their surge, with Brent crude prices rising as much as 3.8% and the 10-year Treasury yield rising past 4.4%.
Continue reading for more on today's market, including:
- What you need to know about cash-settled options.
- A sneak peek at Easter week's economic docket.
- Plus, chip stock struggling; AI giant with more legal strife; and CEO exit drags popular sneaker name.
5 Things to Know Today
- United Airlines' (UAL) flight attendant labor union reached a deal with the company regarding pay raises and overnight flight restrictions. (CNBC)
- Roughly 500 TSA agents have quit as Homeland Security funding outlook remains grim, with the last paycheck arriving in mid-February. (Reuters)
- Industry headwinds weigh on popular chip stock.
- AI giant extended lackluster run as legal woes expanded.
- C-suite exit shook up struggling sneaker stock.
There are no corporate earnings to report today.
Crude Continues Whipsaw Price Action
Another day of volatile price action is in the books for crude, the black gold resuming its run higher as geopolitical tensions remain scattered at best. Front-month May-dated West Texas Intermediate (WTI) crude futures rose 3.6% to finish at $93.61 per barrel.
On the flip side, gold futures fell as the U.S. greenback strengthened and inflation fears resurfaced. April-dated gold futures shed 2.3% to finish at $4,447.60 an ounce.