【US Stock Market Close】Dow Plunges 739 Points, Nasdaq Falls 1.8% Amid Bank Stock Decline; Iran's Supreme Leader Vows Retaliation, Brent Crude Breaks 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 surged 9.2%, breaking $100 per barrel, reaching a high of $101.8, and closing at $100.46.

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Iran’s Supreme Leader Mujeh Tabar (Hamaney’s son) 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, or they will be attacked.

Chubb Insurance (US: CB) announced it will be the primary underwriter for a $20 billion US government-led plan to insure ships passing through the Strait of Hormuz, collaborating with the US International Development Finance Corporation (DFC) to help oil tankers and other commercial vessels resume navigation amid Iran-related risks.

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

Technology 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 market expectation of 215,000. For the week ending February 28, continued claims were 1.85 million, down 21,000 from the previous week, in line with expectations. January new home starts increased 7.2% month-over-month to 1.487 million, surpassing the forecast of 1.34 million.

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

Goldman Sachs raised their forecast for Brent and NYMEX crude oil prices in Q4 2026 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. Their baseline assumption is that oil supply passing through the Strait will be reduced to 10% of normal for about 21 days, longer than the previous estimate of 10 days, with gradual recovery afterward.

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

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

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US market movements:

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

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

【18:20】Dow futures down 217 points, Nasdaq futures down 0.3%. Brent crude exceeds $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 or 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】【Market Focus】Short positions hit a 3-year high; Goldman Sachs: If positive news emerges, US stocks could see “extreme” upside potential.

【11:51】【Oil Price Analysis】IEA releases oil reserves; prices rise nearly 9%. Analysis: “A drop in water level,” short-term oil prices expected to continue volatile swings.

【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. The situation has changed; analysts believe official intervention thresholds are higher.

【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 could be a key selling point?

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

【08:32】【Gold Price 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. Iran hints at blocking the Red Sea entrance on the other side (ongoing updates).

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

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

Wednesday: US military warns Iran civilians to stay away from the Strait of Hormuz, preps for attack; oil rises 4%; Dow drops 289; Nasdaq steady.

The US Central Command warns Iran that their military actions threaten international shipping, making them legitimate targets under international law. Oil prices climb again, with the Dow dropping up to 520 points.

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Iran’s Islamic Revolutionary Guard Corps responds that the US claims of escorting oil tankers are lies; any US and allied actions will be blocked within Iran’s missile and drone range.

Market hopes for an end to US-Iran conflict; Brent crude closes at $83.45, down 11.94%; Brent drops 11.28%, closing at $87.8.

The Dow initially rose 479 points but retraced to close down 34 points at 47,706; the S&P fell 0.21% to 6,636; Nasdaq dropped 1.5% to 22,061.

Oracle’s earnings and outlook beat expectations, soaring 9.2%; Nvidia up 0.7%.

Oil prices continue to rise, with NYMEX at $87.25 (+4.55%) and Brent at $91.98 (+4.76%).

Iranian media reports that IRGC issued a statement claiming that the Mayuree Naree was attacked after ignoring warnings from the IRGC Navy. According to MarineTraffic, the vessel is in the Strait of Hormuz.

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The French news agency quotes a military spokesperson: “The policy of proportional retaliation has ended; from now on, our policy will be continuous strikes. No oil will be allowed to pass through the Strait of Hormuz to benefit the US, Zionist regime, and their partners.”

However, Japan and other countries will release oil reserves. IEA states that 32 member countries have agreed to release 400 million barrels from emergency reserves, the largest ever, to address the oil market chaos caused by Middle East conflict.

Chubb Insurance will lead a US government-led plan to insure ships crossing the Strait of Hormuz. As part of a $20 billion plan, Chubb will cooperate with the US International Development Finance Corporation (IDFC) to help oil tankers and commercial ships resume navigation amid Iran-related risks.

US February inflation data met expectations: overall CPI rose 2.4% annually; monthly increase was 0.3%, up 0.1 percentage point from last month; core CPI rose 2.5% annually, but monthly increase slowed to 0.2%. Notably, this does not yet reflect the impact of the Middle East conflict and soaring oil prices.

Reports suggest the Trump administration will launch trade investigations to pave the way for new tariffs; The New York Times cites sources that after the Supreme Court rejected Trump’s tariff agenda, the Biden administration will announce a series of trade investigations on Wednesday under Section 301 of the Trade Act, covering digital service taxes and currency manipulation, marking an important step in rebuilding the “tariff wall.”

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

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US market movements:

【21:30】Memory stocks rebound; Micron up 2%. Dow up 101 points; Nasdaq up 0.3%. Oil pulls back 8%.

【18:00】Dow futures up 101 points; Nasdaq futures up 0.3%. Oil pulls back 7%. Oracle (ORCL) earnings announced after close.

【12:43】Dow futures down 183 points, at 47,586; S&P futures down 24 points, at 6,777; Nasdaq futures down 84 points or 0.3%, at 24,906.

【12:09】【Iran Crisis】Oil prices surge past $100, NYMEX up 30%; more Middle Eastern producers cut output.

【11:00】【Iran Crisis】Oil prices spike, with NYMEX up 30%, and other Middle East producers reducing output; Asian markets face “Black Monday,” with Japan and South Korea down over 7%. South Korea considers implementing oil price caps.

【09:56】【Iran Crisis】JPMorgan: Middle East 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 the next two or three 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: small 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 Hong Kong time.

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

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Last week’s US market activity, details at: 【US Market Close】 Iran fires missiles at “Lincoln,” Brent exceeds $92, employment data weak, Dow down 453, Nasdaq down 1.6%.