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U.S. stocks extended their losing streak to four consecutive weeks on Friday, as escalating tensions in the Middle East rattled investor confidence and triggered broad risk-off selling across Wall Street.
Major indexes closed sharply lower after CBS News reported that U.S. Pentagon officials were drawing up detailed plans to potentially deploy ground troops into Iran. The S&P 500 dropped 1.5% to finish at 6,508.32, the Nasdaq Composite fell 2% to 21,647.61, and the Dow Jones Industrial Average lost 1%, settling at 45,576.83. On a weekly basis, the S&P shed 1.9%, the Nasdaq and Dow each declined 2.1%. Year-to-date losses now stand at 4.9%, 6.9%, and 5.2%, respectively.
Compounding the selloff was a quadruple witching event — the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures — totaling an estimated $4.7 trillion in derivatives contracts.
Bond markets also came under pressure, with the 10-year U.S. Treasury yield climbing 10 basis points to 4.384%, its highest point since last August. Rising yields weighed heavily on rate-sensitive sectors like utilities, real estate, and technology. Truist Chief Investment Officer Keith Lerner noted that stabilization in oil prices and the 10-year Treasury will be critical before markets can regain momentum.
Oil prices surged on the back of geopolitical concerns, with Brent crude rising nearly 3% to $111.78 per barrel. Supply fears intensified following Israeli strikes on Iran's South Pars gas field and retaliatory Iranian attacks on energy infrastructure across the region, including Qatar's Ras Laffan facility. Qatar announced its export capacity had been reduced by 17%, with repairs potentially taking up to five years.
In a rare bright spot, FedEx shares gained nearly 1% after the company raised its full-year profit outlook, though it cautioned that ongoing geopolitical disruptions could pressure future earnings through higher air freight costs and flight rerouting.
