US Stock Close | Dow Plunges 739 Points, Nasdaq Falls 1.8%, Bank Stocks Decline, Iran's Supreme Leader Vows Retaliation, Brent Oil Surges Above 100

After oil tankers in the Persian Gulf were attacked by Iranian unmanned boats, UK Defense Secretary John Healey stated that Iran is likely laying mines in the Strait of Hormuz. Brent crude oil rose 9.2%, breaking $100 per barrel, reaching a high of $101.8, and closing at $100.46.

Iran’s Supreme Leader Mujeh Tabataba (son of Khamenei) issued a statement for the first time, claiming revenge, opening new fronts, closing the Strait of Hormuz, pressuring enemies, and warning all US military bases in the Middle East to close immediately; otherwise, they will be attacked.

Chubb Insurance (U.S.: CB) announced it will be the primary underwriter for a $20 billion plan led by the U.S. government, aimed at insuring ships passing through the Strait of Hormuz. It will cooperate with the U.S. International Development Finance Corporation (DFC) to help oil tankers and other commercial vessels resume navigation amid the Iran conflict risks.

The Dow Jones Industrial Average fell by as much as 755 points to 46,662, closing down 739 points at 46,677. The S&P 500 dropped 1.52%, and the Nasdaq declined 1.78%.

Morgan Stanley and Cliffwater restricted redemptions from their private equity funds, triggering a sharp decline in bank stocks. Morgan Stanley fell 4.1%, Goldman Sachs dropped 4.4%, Citigroup and Goldman Sachs both declined over 3%, Blue Owl and KKR fell 4.5% and 3.7%, respectively.

Tech stocks were pressured, with Nvidia down 1.5%, Apple down 1.9%, and Tesla down 3.1%.

Last week, US initial unemployment claims were 213,000, below the expected 215,000. For the week ending February 28, continued claims totaled 1.85 million, a decrease of 21,000 from the previous week, in line with expectations. January new home starts increased 7.2% month-on-month to 1.487 million, higher than the forecast of 1.34 million.

The US dollar index rebounded above 99, currently at 99.74; market concerns about inflation slowing the Fed’s rate hikes caused US long-term bond yields to rise above 4.2%, currently at 4.265%. International gold is at $5,140 per ounce, down 0.3%.

Goldman Sachs raised their Q4 2026 Brent and NYMEX crude oil price forecasts from $66 and $62 to $71 and $67 per barrel, citing the current Iran conflict and longer-than-expected disruptions in the Strait of Hormuz.

They also warned that if the blockage persists until the end of March, international oil prices could exceed the 2008 high, potentially surpassing $147 per barrel. They continue to assume that oil supply passing through the Strait will be reduced to 10% of normal levels for about 21 days, longer than their previous estimate of 10 days, after which transportation may gradually recover.

A shooting incident occurred in Michigan on Thursday, where a man armed with an assault rifle drove into a Jewish synagogue in the Detroit suburbs and was shot dead by security.

Hong Kong stocks and ADR markets are continuously updating. See: Next page

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Market Trends:

【22:30】Iran’s Supreme Leader speaks for the first time: vows revenge, blockades the Strait of Hormuz, attacks US military bases Brent crude surpasses $100, Dow drops

【21:30】Supreme Leader: Must close the Strait of Hormuz, US bases in the Middle East will be attacked Brent crude exceeds $100, Dow drops 565 points

【18:20】Dow futures down 217 points, Nasdaq futures down 0.3%, Brent crude surpasses $100

【13:33】Dow futures down 496 points, at 46,952; S&P futures down 59 points, at 6,720; Nasdaq futures down 222 points (0.9%), at 24,760.

【13:26】【ORCL Analysis】Oracle’s earnings surge 9% after earnings report; JPMorgan upgrades rating, optimistic about long-term value of data management business

【12:59】【US Market Focus】Short positions hit over 3-year high; Goldman Sachs: positive news could trigger “extreme” rally in US stocks

【11:51】【Oil Price Analysis】IEA releases oil reserves; prices rise nearly 9%; analysis: “a drop in the bucket,” short-term volatility expected

【11:20】【Iran Crisis】Morgan Stanley maintains forecast of two rate cuts by the Fed this year, but oil shocks may delay rate cuts until September

【11:04】【Yen Trend】Yen approaches lowest of the year, at 4.92 HKD; but the situation has changed, analysis suggests official intervention threshold has risen

【10:58】【Iran Crisis】Oxford Economics: If oil stays at $140 for two months, global recession and 5.8% inflation could occur

【10:07】【Apple】Rumors: Foldable iPhone may feature iPad-like interface after unfolding; wide-screen ratio as a key selling point?

【09:54】【US Tariffs】US initiates new trade investigations on 16 partners including China, Japan, Korea, and Europe, paving the way for new tariffs

【08:32】【Gold Trend】Gold declines for the second day, affected by rising oil prices and bleak rate hike outlook

【07:28】【Iran Crisis】Two oil tankers in the Persian Gulf catch fire and explode; Brent crude surges past $100 again; Iranian officials hint at blocking the Red Sea entrance (ongoing updates)

【07:15】【Iran Crisis】IEA members agree to release 400 million barrels of emergency oil reserves; US releases 170 million barrels, Japan 80 million, Korea 22.46 million, UK 13.5 million

Below $1: US stock market conditions on March 11====

Wednesday: US military warns Iranian civilians to stay away from the Strait of Hormuz, pre-attack alert; oil rises 4%; Dow drops 289; Nasdaq steady

【21:30】Dow opens down 22 points at 47,683; Nasdaq up 0.3% at 22,765; S&P up 7 points at 6,788

【19:04】Dow futures up 133 points; Nasdaq futures up 0.2%; S&P futures up 16 points

【01:50】Dow futures up 121 points at 47,866; S&P futures up 18 points at 6,805; Nasdaq futures up 58 points (0.2%) at 25,041

【12:47】【Iran Crisis】Oil prices rise, Federal Reserve stance shifts hawkish? US banks warn of possible rate cuts delayed until September

【10:48】【Iran Crisis】EIA forecasts Brent crude staying above $95 for two months, expected to fall back to around $70 by year-end

【09:53】Nvidia partners with competitors of OpenAI, providing 1 gigawatt Vera Rubin chips to Thinking Machines

【08:59】【Fed Chair】Senator Thom Tillis meets with Waller, reiterates opposition to Powell nomination before DOJ investigation ends

【08:31】【Iran Crisis】IEA proposes releasing over 180 million barrels of oil reserves; oil prices turn from rising to falling

【07:45】【AI & Defense】Anthropic reports its AI tools are blacklisted, risking billions in losses

【07:25】【AI & ORCL】Oracle beats earnings estimates, surges 8% after hours

【06:26】【Iran Crisis】Iran plans to lay mines in the Strait of Hormuz, with thousands in stock; Trump warns of unprecedented military consequences (ongoing updates)

Below $1: US stock market conditions on March 10====

Tuesday: White House: US did not escort oil tankers through the Strait of Hormuz; Dow down 34; oil prices narrow losses

Market focuses on latest Middle East developments; oil remains weak; Dow turns lower. US Energy Secretary Chris Wright posted on social media that US Navy successfully escorted an oil tanker through the Strait of Hormuz, but the post was soon deleted. White House spokesperson Karoline Leavitt said the US did not escort any ships.

See: US market close details:

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Market Trends:

【22:30】Iran’s Supreme Leader speaks for the first time: vows revenge, blockades the Strait of Hormuz, attacks US bases Brent surpasses $100, Dow drops 565 points

【21:30】Supreme Leader: Must close the Strait of Hormuz, US bases in Middle East will be attacked Brent exceeds $100, Dow down 565 points

【18:20】Dow futures down 217 points, Nasdaq futures down 0.3%, Brent crude surpasses $100

【13:33】Dow futures down 496 points, at 46,952; S&P futures down 59 points, at 6,720; Nasdaq futures down 222 points (0.9%), at 24,760.

【13:26】【Iran Crisis】Iran conflict impacts financial markets; senior strategist Yardeni: US stocks may crash by 35% before year-end

【11:15】【Tencent】Reported planning to acquire Warner Bros. from Paramount, investing hundreds of millions

【10:33】【Iran Crisis】Oil surges past $100, NYMEX crude up 30%, more Middle Eastern producers cut output

【10:20】【Iran Crisis】Oil prices spike, Asia-Pacific stocks plunge on “Black Monday”; Japan and Korea down over 7%; South Korea considers oil price cap measures

【09:56】【Iran Crisis】JPMorgan: Middle Eastern oil capacity may decrease by 4 million barrels daily by next weekend

【09:50】【Iran Crisis】Schroders’ Alex Tedder: Oil may hit $100; “I won’t reduce energy stocks in next 2-3 years”

【08:17】【Iran Crisis】Gold drops over 2%, testing $5,000; rising oil prices intensify inflation fears

【07:30】【Iran Crisis】Black Monday begins; oil surges 20%, approaching $111; Trump: low cost, Dow futures plunge 1,112 points (ongoing updates)

【07:30】【Global Outlook】Focus on Middle East conflict and US inflation data; US markets open an hour earlier at 9:30 pm HK time

【07:30】Concerns over oil supply disruptions and US employment data worsen; last Friday, Dow fell 945 points to 47,009; VIX spiked 21.6% to 28.88; Dow closed down 453 points, S&P down 1.33%, Nasdaq down 1.59%.

See: US market close details:

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Market Summary:

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US stocks last week, details at: 【US Market Close】 Iran fires missiles at “Lincoln,” Brent exceeds $92, employment data weak, Dow drops 453, Nasdaq down 1.6%

Financial Hot Talk

Middle East conflict threatens oil supply—will prices break $100? Could it impact the global economy?