2026.03.1213:34:38UTC+00US Stocks Extend Retreat

US equities fell to their lowest levels since November on Thursday as surging energy prices intensified concerns over global stagflation. The S&P 500, Dow Jones Industrial Average, and Nasdaq 100 each declined by nearly 1%.

The International Energy Agency’s decision to release 400 million barrels of oil from strategic reserves did little to curb another sharp rally in crude and refined product prices. Escalating strikes involving Iran, Israel, and members of the Gulf Cooperation Council, along with tanker operators’ growing reluctance to transit the Strait of Hormuz, further strained supply and drove prices higher.

US Treasury yields continued to rise across the curve this week, reflecting the impact of higher energy costs and lower-than-expected jobless claims. The resulting increase in borrowing costs weighed particularly on credit‑sensitive companies.

Financial stocks faced additional pressure after Morgan Stanley and Cliffwater became the latest firms to cap withdrawals from private credit funds, stoking fears over the quality of underlying loans. Morgan Stanley shares fell 4%, while Goldman Sachs and Blue Owl each lost about 3%. Adobe traded roughly unchanged ahead of its earnings release.