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US Stocks Plunge, Tech Sector Suffers Amid Soaring Oil Prices and Middle East Tensions
US Stock Market Declines and Tech Sector Weakness
US stocks ended sharply lower on Thursday, with the Dow Industrials losing 1%, the S&P 500 slumping nearly 1.75%, and the Nasdaq shedding more than 2%. The Nasdaq's decline confirmed it has been in correction territory since its October high. Technology stocks were among the biggest drags on the market. Shares of NVIDIA lost more than 4%, Meta Platforms dropped nearly 8%, and Alphabet shed over 3%.
Escalating Middle East Tensions and Rising Oil Prices
Investors grew increasingly uneasy over escalating tensions in the Middle East. After President Donald Trump warned Iran to make a deal with the US or face a 'continued onslaught,' a senior Iranian official told Reuters that a US proposal to end the conflict was 'one-sided and unfair,' adding that diplomacy had not ended. This lack of clear progress pushed oil prices higher, with US crude futures settling up more than 4.5%, adding to concerns about inflation.
Energy Stocks Outperform Amid Oil Surge
Despite the broader market downturn, energy shares outperformed as oil prices surged. Shares of Exxon Mobil and Chevron each rose more than 1%. Rob Sluymer, a technical strategist at RBC Wealth Management, advised investors to focus on market signals rather than headlines. He suggested that technical indicators would provide the best message for navigating this problematic period.
*Source: YouTube: Reuters (2026-03-27)*
