Stocks tumble Friday as losses mount from Iran war impact, Dow and Nasdaq near correction: Live updates

All three major indexes closed in the red on Friday.

The S&P 500 shed 1.51% to close at 6,506.48, while the Nasdaq Composite fell 2.01% and settled at 21,647.61. The Dow Jones Industrial average slid 443.96 points, or 0.96%, to finish at 45,577.47.

— Lisa Kailai Han

Crude prices topped $112 on Friday after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait.

International benchmark Brent crude futures rose 3.26%, or $3.54, to close at $112.19 per barrel. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. Brent prices gained nearly 9% this week, while U.S. oil was largely unchanged.

Iraq oil ministry sources told Reuters that Baghdad had declared the force majeure because it cannot ship crude through the Strait of Hormuz. Oil tanker traffic through the Strait has plunged due to attacks by Iran.

Drones also struck the Mina Al-Ahmadi and Mina Abdullah refineries in Kuwait on Thursday.

— Spencer Kimball

Around four out of every five S&P 500 stocks slid on Friday, underscoring the breadth of the stock market’s drawdown.

About 400 members traded in the red in afternoon trading. The index as a whole slid more than 1.5%.

Utility stocks led Friday’s selloff, with the sector dropping more than 3.5%. Real estate and information technology followed, with both sectors down more than 2%.

— Alex Harring

In a Thursday note, UBS’ Global Wealth Management stuck by its bullish stance on equities through year’s end.

“Our recommendation for long-term investors is clear: Stay invested. History shows that attempts to ‘market time’ geopolitical events often result in failure,” wrote Mark Haefele, Chief Investment Officer of UBS Global Wealth Management. “Our base case is that equity markets will end the year higher, and that bond yields will end the year lower. Periods of volatility can also represent attractive times for investors looking to deploy cash to ‘phase in.'”

Haefele added that investors should also consider diversifying their portfolios outside of just equities.

“While we hold an Attractive stance on equities overall, we also emphasize regional and sectoral diversification, managing concentration risks, building allocations to quality bonds, broad commodities, gold, and alternatives, as well as making specific reductions to risk and adding hedges where appropriate,” he said.

— Lisa Kailai Han

Goldman Sachs says that consumer staples stocks will be disproportionately hit by rising oil prices.

“Within our coverage, we see the highest risk to our CY26 EPS estimates for PRMB & COTY from rising oil related input costs, followed by other beauty & HPC companies owing to a more structural reliance on oil & oil derivatives (e.g., petrochemicals/resins) as part of the manufacturing process,” analyst Bonnie Herzog wrote.

In contrast, nicotine companies are likely to be relatively insulated from rising oil shocks, she said.

“Elsewhere, other non-alcoholic beverage companies (esp. CSDs) screen at a moderate risk owing to their exposure to PET packaging,” Herzog continued. “Lastly, we see the least risk for nicotine companies (PM & MO), while several other alcoholic beverage companies also screen relatively insulated from this pressure given a greater mix of glass bottles.”

— Lisa Kailai Han

The Dow is set to record its longest weekly negative run in years.

The blue-chip index is tracking finish the week down nearly 2%. It would mark the 30-stock average’s fourth straight down week, a first since 2023.

Dow, 5-day chart

With this week’s declines, the Dow has tumbled about 6% in March. If that holds, it would be the Dow’s biggest month slide since 2022.

While the Dow has fallen more than 5% in 2026, its still up nearly 10% from a year ago. The index has ended the last 10 months positive, its first monthly win streak of that length since 2018.

— Alex Harring, Nick Wells

Europe is more resilient to the Iran shock than it was to the 2022 Russia-Ukraine conflict thanks to lower gas demand and limited exposure to the Middle East, Bank of America wrote in a Friday note.

“Europe is less vulnerable to the Iran energy shock than it was to the fallout of the Russia-Ukraine war in 2022. Two factors underpin Europe’s increased resilience: gas demand has fallen on average by about 20% vs. pre-2022 levels, and energy supply is more diversified. The EU sources only around 10% of its oil and gas from the Middle East,” the bank said.

It continued: “By contrast, many Asian economies rely heavily on this region. Therefore, they are facing a double whammy of price spikes and supply shortages.”

— Lisa Kailai Han

Iraq has declared force ‌majeure on all foreign-operated oilfields as it contends with military operations disrupting navigation through the Strait of Hormuz, Reuters reported on Friday.

The selling accelerated Friday following the report. The Dow Jones Industrial Average fell 500 points, or 1.1%. The S&P 500 slid 1.5%, while the Nasdaq Composite dropped 2%.

— Sarah Min

The S&P 500 in late trading Friday was at levels the major average had not seen since early September.

As of 2:11 p.m., the index was at 6,532.41. That’s below the S&P 500’s close on Nov. 20 at 6,538.76. Before that, the lowest close for the index came on Sept. 10 at 6,532.04.

.SPX since Sept. 10, 2026.

Russell 2000, 1-year

In a Friday note, Morgan Stanley’s chief U.S. economist Michael Gapen called rising fears of rate hikes this year from the Federal Reserve “overdone.”

“In light of higher oil prices, we revise our outlook for 2026 in favor of less growth, more inflation, higher unemployment, and later Fed cuts. Our outlook for two Fed rate cuts stands in stark contrast to current market pricing, which has hints of rate hikes,” the economist wrote.

Gapen now forecasts rate cuts coming in September and December, versus June and September before.

— Lisa Kailai Han

In a Friday note from the Chief Investment Office of UBS Global Wealth Management, the firm wrote that it’s sticking to a bullish view by end of year.

“Looking ahead, we maintain a constructive view on markets, and expect global equities to rise by end-2026 but with periodic bouts of volatility, as investors digest economic, technological, and geopolitical developments,” strategist Sagar Khandelwal penned.

He added that against this backdrop, investors should strengthen their core portfolios.

“1) Building a core portfolio can help maintain focus on long-term goals through market volatility, including the Iran war, AI worries, and credit stresses. 2) A portfolio broadly diversified across and within asset classes, geographies, and sectors can consistently grow wealth, providing compounded returns,” the strategist said. “3) This approach helps maximize the chance of meeting financial goals, allowing investors to pursue other interests or tactical opportunities with greater confidence and avoid locking in losses in downturns.”

— Lisa Kailai Han

Wall Street analysts are mixed about the impact of the deal between Uber and Rivian to deploy up to 500,000 robotaxis through 2031.

Morgan Stanley and Goldman Sachs viewed the move as a generally positive development for Rivian. Their analysts noted the incremental source of capital the deal could bring for the electric vehicle maker.

“We see this announcement from a Rivian perspective as further building on the broader platforms & power theme for the Autos & Industrial Tech industry, with Rivian able to leverage its software-defined EV platform in an additional commercial application,” Goldman analyst Mark Delaney said in a note Thursday.

He kept his neutral rating on the stock, while Morgan Stanley analyst Andrew Percoco maintained his underweight rating.

For Uber, the deal is aligned with its broader autonomous vehicle strategy, noted Delaney, who rates the stock a buy. He believes Uber can generate growth, margins and free cash flow in the years ahead.

While Wells Fargo was unimpressed and didn’t think the deal validated Rivian’s autonomous tech, Canaccord Genuity applauded the deal and called the two companies a “robotaxi power couple.”

“Rivian’s 2026 trajectory is poised to be truly inflectional, with the R2 platform serving as the core growth catalyst and the accelerated deployment of advanced autonomous-driving features acting as a powerful force multiplier,” analyst George Gianarikas said in a note. He maintained his buy rating on Rivian.

Shares of the EV maker were down about 4%in midday trading, while Uber’s stock slipped nearly 2%.

— Michelle Fox

On Friday, nine stocks in the S&P 500 traded at new 52-week highs.

Tickers that hit this milestone included:

• APA Corptrading at levels not seen since November 2023
• ConocoPhillipstrading at levels not seen since April 2024
• Chevrontrading at all-time highs back to its merger with Texaco in 2000
• Halliburtontrading at levels not seen since May 2024
• Occidental Petroleumtrading at levels not seen since July 2024
• Exxon trading at all-time highs back to when it was listed on the NYSE in 1920
• Ciena Corptrading at levels not seen since June 2001
• Dell Technologiestrading at levels not seen since May 2024
• SanDisktrading at all-time highs back to its completed separation from Western Digital in February 2024

On the other hand, 21 stocks in the index traded at new 52-week lows, including:

• DoorDashtrading at lows not seen since November 2024
• Domino’s Pizza trading at lows not seen since November 2023
• General Parts Companytrading at levels not seen since February 2021
• Home Depottrading at lows not seen since June 2024
• Lamb Weston Holdingstrading at lows not seen since March 2020
• McCormicktrading at lows not seen since June 2018
• Gen Digitaltrading at lows not seen since May 2024
• Super Micro Computertrading at lows not seen since November 2024
• Invitation Homestrading at lows not seen since May 2020
• Gen Digitaltrading at lows not seen since May 2024

— Lisa Kailai Han, Christopher Hayes

Tensions in the Middle East escalated overnight after Iran and Israel exchanged strikes, with Iran also launching new attacks against energy sites in the Gulf. On Friday, The Wall Street Journal reported that the Pentagon was sending thousands of additional Marines to the Middle East, citing U.S. officials.

Baird investment strategist Ross Mayfield told CNBC that this ramp up in tensions doesn’t bode well for the market.

“To date, the market has been pretty resilient and hasn’t kind of had that full flush or capitulated selling that you might typically see in an event like this,” he said. “So I think combined with the Fed this week being a little hawkish, worries about rate hikes into an energy spike — an escalation is not good news here for the markets.”

— Lisa Kailai Han

Liquified natural gas exporters rose again on Friday, closing out a big week in the wake of Iranian missile attacks causing “extensive damage” to Qatar’s Ras Laffan Industrial City. The facility is home to the largest liquefied natural gas export facility in the world.

Shares of Venture Global, NextDecade and Cheniere Energy rose 10%, 9% and 2%. The stocks are respectively up 20%, 37% and 14% this week.

Month to date, shares have risen 62%, 46% and 22%.

LNG exporters MTD chart

HSBC upgraded shares of Chevron to a buy rating from hold, emphasizing that investors should consider buying the energy giant due to the fact that its Middle East exposure is lower than that of rivals.

HSBC’s price target of $215, raised from $180, implies an upside of 7% from Chevron’s Thursday closing price.

“We prefer Chevron to Exxon given its unusually deep discount on 2026 EV/DACF (12%), lower Middle East exposure, and higher balance sheet gearing which offers more leverage to rising commodity prices,” wrote analyst Kim Fustier.

Shares of Chevron have surged 32% this year.

CNBC Pro subscribers can read the full story here.

— Fred Imbert, Lisa Kailai Han

FedEx’s fiscal third quarter earnings beat is sending its stock more than 7% higher in premarket trading, and Bank of America sees even more upside ahead.

The bank reiterated its buy rating on the company and slightly raised its price target to $440, implying a more than 23% gain from Thursday’s close.

Analyst Ken Hoexter in a Thursday note highlighted FedEx’s increased guidance for fiscal 2026, and the company’s report of the strongest market share gains in the U.S. in 20 years. Network integration momentum, yield gains and the company’s upcoming freight spin-off add to the bull case on the stock, Hoexter said.

“FedEx is showing solid momentum in winning share and managing its costs and network transformation in what remains a volatile global trade backdrop,” Hoexter wrote.

FDX five-day chart.

Same-store sales are about to improve for Chipotle, according to Mizuho. The firm upgraded its rating on the restaurant stock to outperform from neutral and lifted its price target to $40, implying a more than 20% increase in the shares from Thursday’s close.

Chipotle rose 1% in premarket trading.

Mizuho now expects flat same-store sales versus a decline, and early signs of initiatives like value offerings, marketing promotions and menu innovation point to growth acceleration into the second quarter, analyst Nick Setyan said in a note. Additionally, Chipotle has been revising profit margins downward which “is almost at an end” and its valuation is “an overly pessimistic reflection” its mid-teens long-term EBITDA growth.

— Tanaya Macheel

Gordon Haskett maintained its buy rating on Costco Wholesale on Friday, saying that the chain of big-box club retail stores could actually benefit from rising fuel costs.

“With fuel prices in focus as the Iran conflict nears its fourth week and passage through the Strait of Hormuz remains limited, we have examined foot traffic trends to Costco gas stations on both a weekly and monthly year-over-year basis,” wrote analyst Chuck Grom. “Traffic to Costco gas stations has inflected sharply in the first week of March (ending March 7th) and accelerated into the ensuing week as fuel prices continue to rise following the onset of the conflict on February 28th.”

The analyst added: “Indeed, while the surging fuel prices in March (up over 15% through 3/16) are yet another headwind to already-stretched consumer budgets and likely to provide cost pressure to retailers via higher ocean freight rates and diesel prices. . .Costco remains relatively insulated from broad consumer pressures due to its resilient higher-income customer cohort, and historically has seen traffic upside in rising fuel price environments as its best-in-class value proposition becomes increasingly relevant.”

The analyst’s $1,200 price target offers upside of approximately 23%.

— Lisa Kailai Han

Check out the companies making headlines before the bell.

York Space Systems— The space and defense stock gained 11% after posting full-year revenue that topped analyst expectations. The company’s top line totaled $386.2 million, while analysts polled by FactSet expected revenue of $383.5 million. York Space Systems also issued strong revenue guidance for 2026.

Super Micro Computer— Shares tumbled more than 26% after U.S. prosecutors charged several company employees withsmuggling Nvidia chips to China.

FedEx— The package delivery giant popped 9% onfiscal third-quarter resultsthat beat the Street. FedEx earned $5.25 per share, excluding certain items, on revenue of $24 billion. Analysts polled by LSEG expected a profit of $4.09 per share on revenue of $23.43 billion. The company also hiked its fiscal year earnings guidance.

Read more.

— Liz Napolitano

Chip stocks were weak to kick off Friday morning.

The VanEck Semiconductor ETF (SMH) was last down 0.8%, giving back Thursday’s gains in premarket trading.

SMH 5D chart

Gold rose Friday, rebounding off a two-month low as a stronger U.S. dollar and a more hawkish Federal Reserve weighed on the precious metal.

Spotgoldrose 0.5% to $4,670.89 per ounce, rebounding from a near two-month low hit in the previous session.U.S.goldfuturesfor April delivery rose 1.4% to $4,668.90.

Gold futures, 1-day

Quadruple witching — the quarterly expiration of stock options, index options, index futures and single-stock futures — is set to inject an extra dose of volatility into markets on Friday, as trillions of dollars in derivatives roll off the board.

The event, which occurs four times a year, often leads to heavier trading volumes and sharper intraday swings as investors rebalance or unwind positions.

“Friday’s quadruple witching tends to bring about increased intra-day volatility, which may be exacerbated this time around as this stock market has already been on edge for weeks heading into Friday, given uncertainty from the Middle East conflict and what higher oil prices may mean for consumer spending and earnings,” said David Laut, chief investment officer at Kerux Financial.

— Yun Li

Shares of Super Micro Computer sank 27% in premarket trading after federal prosecutors charged the company’s co-founder, Yih-Shyan “Wally” Liaw, and two others with smuggling Nvidia chips into China.

The indictment said the three individuals violated the Export Control Reform Act by illegally diverting billions of dollars of the high-powered chips into the country.

Liaw is also a member of Super Micro Computer’s board of directors and controls $464 million worth of the company’s shares, according to FactSet. He did not respond to a request for comment.

Super Micro said that while the company isn’t named as a defendant, Liaw works as senior vice president of business development. The other defendants, Ruei-Tsan “Steven” Chang and Ting-Wei “Willy” Sun, are also associated with Super Micro Computer. Chang is a sales manager in Taiwan and Sun is a contractor. The company has placed the employees on leave and ended its relationship with the contractor.

— Jordan Novet, Michelle Fox

FedEx shares rose more than 8% after the company posted better-than-expected results for the fiscal third quarter. The company earned an adjusted $5.25 per share on revenue of $24 billion. Analysts polled by LSEG expected a profit of $4.09 per share on revenue of $23.43 billion.

FedEx also raised its fiscal 2026 revenue guidance.

FDX 5-day chart

Asia-Pacific markets traded mixed on Friday, following volatile trading on Wall Street overnight, as the Middle East war and disruptions to energy supply keep investors jittery.

Australia’sS&P/ASX 200 widened losses to 0.5%. Hong Kong’s Hang Seng index dropped 0.36% while mainland China’s CSI 300 index edged up 0.43%.

South Korea’s blue-chip Kospi rose nearly 1% while the small-cap Kosdaq gained 1.23%. Japan’s markets were closed for a public holiday.

Read the full story here.

— Anniek bao

The U.S. Attorney’s Office for the Southern District of New York charged individuals affiliated with an unidentified U.S. server maker with smuggling to China billions of dollars’ worth of equipment that contained Nvidia chips.

The defendants in the case include the co-founder of Super Micro, an employee of the server maker and a contractor at the firm. Super Micro was not named as a defendant in the indictment.

In a statement, Super Micro said it placed the two employees on administrative leave and ended its relationship with the contractor, effective immediately.

Shares of the server company slid 12% in extended trading.

Super Micro Computer shares in the past day

While one of the strongest trades of the past year has unwound in early 2026, Ned Davis Research chief global strategist Tim Hayes thinks the long-term trends for both gold and the dollar are still in place.

“The U.S. dollar has benefited from the fact that oil is priced in dollars and from signs that interest rates will be pressured upward, a negative influence on gold. As the dollar has strengthened and gold has moved lower, our short-term indicator composites have been bullish on the dollar and bearish on gold,” he wrote to clients.

“But while the dollar has moved above its 200-day moving average, the smoothing is still descending. And gold remains well above a smoothing that has continued to rise,” Hayes added.

— Fred Imbert

With Thursday’s loss, the S&P 500 is now below its 200-day moving average, a key level watched by traders.

“A breakdown below that level, especially if followed by a breach of the November lows at 6,522, would raise more serious questions about the staying power of this bull market,” wrote Adam Turnquist, chief technical strategist for LPL Financial.