Global Markets: US Stock Market's Three Major Indices Close Lower, Nasdaq Falls 1.78%, International Oil Prices Surge Over 10%

U.S. Stock Market: The three major U.S. stock indices closed lower across the board on March 12. At the close, the Dow Jones Industrial Average fell 739.42 points to 46,677.85, down 1.56%; the S&P 500 declined 103.18 points to 6,672.62, down 1.52%; the Nasdaq Composite dropped 404.15 points to 22,311.98, down 1.78%.

Large tech stocks mostly declined, with Intel down over 5%, AMD, Micron Technology, and Tesla down over 3%, Qualcomm, Oracle, and META down over 2%, Apple, Google, and Nvidia down over 1%.

In earnings news, Adobe reported Q1 FY2026 revenue of $6.4 billion, up 12% year-over-year; an 11% increase at constant currency. According to U.S. GAAP, diluted EPS was $4.60; non-GAAP diluted EPS was $6.06. Adobe fell over 7% after hours.

Banking sector mostly declined, with Deutsche Bank down over 6%, Barclays nearly 6%, Morgan Stanley and Goldman Sachs down over 4%.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.02%. KE Holdings rose over 16%, Xpeng Motors up over 3%, Tencent Music up over 2%; Futu Holdings fell over 6%, TSMC down over 5%, iQiyi and DouYu down over 4%, Bilibili down over 2%.

European Markets: The three major European stock indices all declined on March 12. The FTSE 100 in London closed at 10,305.15, down 48.62 points or 0.47%; France’s CAC 40 closed at 7,984.44, down 57.37 points or 0.71%; Germany’s DAX closed at 23,589.65, down 50.38 points or 0.21%.

Commodity Markets: International oil prices rose on March 12. At the close, NYMEX WTI crude futures for the current month increased $9.14 to $96.39 per barrel, a 10.48% gain. COMEX gold futures for the current month fell $95.00, down 1.83%, to $5,084.1 per ounce. COMEX silver futures declined $1.58, down 1.85%, to $83.955 per ounce. Spot gold dropped $97.00, down 1.87%, to $5,079.2 per ounce. Spot silver fell $1.90, down 2.22%, to $83.84 per ounce.

Overnight Headlines

Iran’s New Supreme Leader Issues First Statement, Oil Prices Surge Past $100 Again

According to CCTV News, on Thursday local time, Iran’s new Supreme Leader, Mujtaba Khamenei, issued a statement via national television saying Iran will continue strategic measures including blocking the Strait of Hormuz, and will attack U.S. military bases in the Middle East. This is his first public statement since succeeding after his father’s assassination.

Trump Administration Considers Waiving the Jones Act to Address Fuel Price Surge

The Trump administration is considering a temporary waiver of the century-old Jones Act to ensure the free movement of energy and agricultural products between U.S. ports. White House Press Secretary Karine Jean-Pierre said Thursday that this move aims to address supply disruptions caused by the Iran situation. “For national defense reasons, the White House is considering a temporary waiver of the Jones Act to ensure critical energy and agricultural supplies can flow freely to U.S. ports,” she stated. She added, “This is not final yet.”

Iranian Military Claims “Precise Strikes” on U.S. Navy Fifth Fleet Headquarters in Bahrain

The Iranian Islamic Revolutionary Guard Corps announced Thursday morning that they carried out two waves of missile and drone “precise strikes” on the U.S. Navy’s Fifth Fleet headquarters at Mina Salman Port in Bahrain. The strikes reportedly hit the “Lizz” drone defense system, remote-controlled buoy storage, support equipment center, fuel tanks, and U.S. troop assembly points. Multiple types of destructive drones, cruise missiles, and ballistic missiles were used.

Middle East Conflict Disrupts Global Fertilizer Supply Chain, CF Industries Hits Record High

Fertilizer prices have surged due to Middle East conflicts, spreading from Wall Street to the U.S. heartland, boosting fertilizer producer stocks and forcing farmers to make tough decisions ahead of spring planting. A recent UN Conference on Trade and Development report noted rising shipping costs, including freight, fuel, and insurance, increasing transportation costs across the fertilizer supply chain.

Market Havens in Turmoil: Amazon’s $54 Billion Bond Offering Sparks Frenzy

This week, banks selling Amazon bonds sent a clear message to investors: in an increasingly unpredictable world, Amazon is a relatively safe investment. On Tuesday, Amazon issued $37 billion in bonds across 11 maturities in the U.S., with subscription orders reaching up to $126 billion, nearing a record.

Oil Kingdom Turns Up the Heat! Saudi Arabia Reportedly “Rushing to Book Supertankers at Sky-High Prices”

Latest reports Thursday evening indicate Saudi National Shipping Company Bahri is aggressively booking supertankers at high prices to head to the Red Sea with crude oil, bypassing the Strait of Hormuz. According to chartering data, Bahri has leased at least six VLCCs to transport oil to the country’s western ports of Yanbu. Industry insiders believe the actual booking volume could be larger, with more deals likely emerging in the coming days.

Mapping App Enters the Dialogue Era: Google Launches AI Q&A Feature for Its Software

Alphabet is rolling out its biggest upgrade to its mapping product in over a decade, introducing “Ask Maps” in Google Maps, allowing users to interact with the app as if chatting with a chatbot. On March 12, Google Maps Vice President Miriam Daniel announced on the official blog, “We’ve combined the latest global maps with our most powerful Gemini model to make exploring maps easier and more intuitive, with the most significant navigation upgrade in over ten years.”

EU Considers Easing Carbon Quota Rules and Expanding State Aid to Curb Electricity Price Surge

Reports suggest the European Commission is considering relaxing carbon emission quota supply rules and allowing more state aid as emergency measures to curb soaring electricity prices. Anonymous sources familiar with the discussions said the Commission is also studying whether to temporarily loosen rules on free emission allowances for companies and reduce grid fees and energy taxes. The EU leaders’ summit in Brussels on March 19 will review these options, which are still subject to change. The agenda has been dominated by the ongoing Iran conflict, disrupting oil and gas transportation and pushing energy prices higher. The European Commission declined to comment.

U.S. Energy Secretary: America Not Ready to Escort Oil Tankers Through the Strait of Hormuz Yet

According to Xinhua News Agency, U.S. Energy Secretary Chris Wray said in an interview on March 12 that the U.S. is “not yet ready” to escort oil tankers through the Strait of Hormuz. “It will happen soon, but not now. We are not ready yet. All our military resources are currently focused on destroying Iran’s offensive capabilities and supporting systems,” Wray stated.

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