Early morning, a plunge of 800 points! Iran warns: evacuate immediately! U.S. stocks plummet sharply, oil prices soar!

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The situation in Iran remains tense, exacerbating the sell-off in U.S. stocks!

As of March 28, at midnight Beijing time, the three major U.S. stock indices all fell sharply. By the close, the Dow Jones Industrial Average plummeted nearly 800 points, a decline of 1.73%. Additionally, the Nasdaq dropped over 2%, with large tech stocks collectively crashing—Amazon and Facebook fell nearly 4%, while Nvidia and Tesla dropped over 2%. The Dow is down more than 10% from its peak on February 10, confirming it has entered a correction zone.

International oil prices surged sharply, with West Texas Intermediate crude closing up 7.09% at $101.18 per barrel. The tense geopolitical situation in the Middle East has hindered passage through the Strait of Hormuz, a vital artery for global oil transport, leading to heightened concerns about oil supply and pushing prices higher. Traders are worried that a surge in oil prices triggered by escalating conflict in Iran will drag down the global economy.

In the latest news from Iran, the Iranian Revolutionary Guard issued a statement on March 27, warning that personnel related to American and Israeli industrial companies in the Middle East should evacuate quickly. Following multiple attacks by the U.S. and Israel on Iranian industrial facilities, Iran has decided to undertake retaliatory actions.

On the same day, the Houthi forces in Yemen stated that they would take action if the situation in Iran continued to escalate. Previously, an Iranian military source indicated that if the enemy attempted to launch ground operations against Iranian islands or mainland, or exert pressure through naval actions in the Persian Gulf and Gulf of Oman, Iran would open a new front in the Strait of Mandeb, controlled by Houthi forces in Yemen.

U.S. stocks plunged across the board

On Friday, U.S. stocks opened lower and continued to decline. By the close, the Dow was down nearly 800 points, a decline of 1.73%; the S&P 500 index fell 1.67%, and the Nasdaq dropped 2.15%.

Large tech stocks fell collectively, with Facebook and Amazon dropping nearly 4%, and Nvidia, Tesla, Microsoft, and Google falling over 2%. Chip stocks generally decreased, with the Philadelphia Semiconductor Index down 1.69%, ARM falling nearly 7%, and GlobalFoundries and Microchip Technology dropping over 3%, while Marvell Technology, Broadcom, and NXP Semiconductors fell over 2%.

Bank stocks also fell across the board, with Citigroup down over 4%, JPMorgan Chase down over 3%, Morgan Stanley down nearly 3%, and Goldman Sachs, Bank of America, and Wells Fargo down over 2%.

Chinese concept stocks generally fell, with the Nasdaq China Golden Dragon Index down 1.90%. In terms of individual stocks, WeRide fell nearly 9%, Pony.ai dropped nearly 6%, Kingsoft Cloud fell over 5%, Hesai Technology dropped nearly 5%, NIO fell over 4%, Xpeng Motors dropped over 3%, and Alibaba and Tiger Brokers fell over 2%.

Data from the University of Michigan’s survey released on March 27 showed that U.S. consumer confidence index dropped significantly by 6% in March, the lowest level since December 2025, due to rising fuel prices and fluctuations in financial markets. The ongoing conflict in Iran continues to exacerbate the situation.

The survey indicated that compared to February data, consumer expectations for fuel prices over the next year surged about fivefold, reaching the highest level since June 2022; while expectations for personal financial conditions over the next year declined by 10%. 47% of consumers stated that rising prices have imposed a heavy burden on their personal finances.

Due to the sharp deterioration of the Middle Eastern situation, the blockade of the Strait of Hormuz driving up oil prices, rising inflation expectations, and concerns about the Federal Reserve delaying interest rate cuts, market risk aversion has increased, and global risk assets are generally under pressure.

Overnight, international oil prices soared. West Texas Intermediate crude closed up 7.09% at $101.18 per barrel; Brent crude main contract rose 4.74%, closing at $106.72 per barrel.

The rise in oil prices has heightened inflation expectations and impacted bond yields, severely affecting growth stocks in the U.S. market this week. Investors believe that the Federal Reserve will not be able to cut interest rates this year as previously expected.

Gina Martin Adams, Chief Market Strategist at HB Wealth Management, stated, “I think the stock market is starting to show signs of fatigue, and hopes for a quick resolution to the war are fading.”

“The ideal scenario has not materialized,” said Brian Mulberry, Chief Market Strategist at Zacks Investment Management, noting that the market is now considering middle-ground and worst-case scenarios. For the stock market, the worst-case is oil prices remaining above $100 per barrel by July.

Latest warnings from Iran

On March 27, the Iranian Revolutionary Guard issued a statement saying that after multiple attacks by the U.S. and Israel on Iranian industrial facilities, Iran has decided to undertake retaliatory actions and warned industrial enterprises and heavy industry personnel associated with the U.S. and Israel in the region to evacuate their workplaces immediately to avoid endangering their lives.

The statement indicated that despite multiple previous warnings from Iran to relevant parties to refrain from acting against Iranian industrial facilities, the U.S. and Israel still carried out several strikes on Iranian industrial centers that day. The statement also called for residents within a one-kilometer radius of such industrial facilities to temporarily evacuate their residences during the relevant actions.

According to reports from CCTV News, following knowledge of the attacks on Iranian steel mills by the U.S. and Israel, Iran has designated six steel mills within Israel and related industrial facilities in five regional countries as new targets for retaliatory strikes. According to insiders, Iran’s response actions should not be limited to the regional steel industry and may take “broader and more intense” measures.

Additionally, on March 27, Iranian sources reported that Israel and the U.S. attacked Iran’s Hondayb nuclear facility, which houses a heavy water reactor.

The deputy governor for political security in Iran’s central province stated that the Hondayb heavy water complex was attacked by the U.S. and Israel in two phases. The Iranian Atomic Energy Organization also released a statement confirming that investigations found that the strikes targeting the Hondayb heavy water complex did not result in casualties. It is reported that necessary safety precautions had been taken in advance, and there is currently no risk of contamination to nearby residents.

On March 27, a senior Iranian security official warned that if the U.S. conducts ground operations in the Middle East, Iran will take reciprocal actions for countermeasures. The official stated that once the U.S. enters the ground combat phase, Iran will have the authority to retaliate against sources of threats. He also emphasized that any military action by the “enemy” in the Strait of Hormuz could lead to the complete closure of the strait, with an indefinite closing period.

Sina Statement: This news is reprinted from Sina’s cooperative media. The publication of this article on Sina.com is intended to convey more information and does not mean endorsement of its views or verification of its description. The article content is for reference only and does not constitute investment advice. Investors operate at their own risk based on this.

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Editor: Wei Zirong