13.03.202615:34:18UTC+00US Stocks Pare Gains

US equities surrendered earlier gains on Friday as the war in Iran showed no signs of easing, heightening worries that elevated energy prices could persist. The S&P 500, Dow, and Nasdaq 100 all hovered near their lowest levels since November. Persistent, hardline rhetoric between Iran and the US kept alive the risk that energy exports from the Persian Gulf will remain disrupted in the near term.

Oil prices held onto their recent surge despite indications of a coordinated strategic reserve release led by the IEA and a US move to ease sanctions on Russia. Treasury yields have risen sharply since the start of the month, even as US GDP growth for Q4 came in well below expectations, adding pressure on credit-sensitive segments of the equity market.

Large-cap software names led the declines, with Meta, Palantir, and Oracle each falling around 2%. Adobe slid 6.5% after missing its guidance and announcing the departure of its CEO. Asset managers, meanwhile, pared some of their recent declines that had been driven by mounting concerns over private credit exposures.