U.S. Stocks Post Worst Session Since Iran Conflict Erupted
The New York Stock Exchange bore the brunt of the selloff. The Dow Jones Industrial Average shed 469.38 points, or 1.01%, closing at 45,960.11. The tech-heavy Nasdaq Composite led the decline with a sharp 2.38% drop — equivalent to 521.74 points — finishing at 21,408.08. The S&P 500 fell 114.74 points, or 1.74%, to settle at 6,477.16.
Despite the broad market turmoil, the Volatility Index (VIX) — widely known as Wall Street's "fear index" — eased 8.33% to 27.44, suggesting some moderation in near-term panic even as underlying uncertainty persisted.
Brent crude surged 5.2% to $107.53 per barrel as of 2000 GMT, fueling inflation concerns and compounding pressure on equity valuations. On the macroeconomic front, US initial jobless claims for the week ending March 21 came in at 210,000 — a slight rise week-on-week, though marginally below analyst forecasts.
Trump Weighs In — Bluntly
The geopolitical backdrop intensified as conflicting signals emerged from both sides of the negotiating table. Iranian officials publicly ruled out direct talks with Washington, though they indicated a willingness to review a US-proposed framework for ending hostilities.
US President Donald Trump pushed back forcefully against Tehran's characterization of the diplomatic process. In a post on his social media account, Trump claimed Iranian negotiators were "begging for a deal" while publicly projecting indifference toward the American offer.
In characteristically unambiguous terms, Trump warned: "They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty!"
Speaking at a cabinet meeting, Trump reiterated that the trajectory of negotiations now rests squarely with Tehran. He acknowledged expectations of further oil price increases and additional stock market weakness, while downplaying the severity of the situation relative to his initial projections. Energy prices, he argued, would eventually retreat — and likely fall below prior levels.
European Markets Also Bleed
The selloff was not confined to American shores. The pan-European Stoxx Europe 600 index declined 1.13% to close at 580.84 points. The UK's FTSE 100 dropped 1.33% to 9,972.17, while Germany's DAX 40 slid 1.5% to 22,612.97. France's CAC 40 fell 0.98% to 7,769.31, Italy's FTSE MIB 30 lost 0.71% to finish at 43,701.84, and Spain's IBEX 35 declined 1.21% to 16,962.90.
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