Traders work on the floor of the New York Stock Exchange (NYSE) on March 27, 2026 in New York City.
Spencer Platt | Getty Images
The Dow Jones Industrial Average tumbled on Friday and fell into correction territory, while Brent traded above $110 after incidents in the Strait of Hormuz exacerbated investors’ energy supply concerns and President Donald Trump’s latest comments failed to encourage traders to scoop up shares.
The 30-stock Dow was last down 510 points, or 1.1%. The S&P 500 lost 1%, while the Nasdaq Composite dropped 1.3%.
The broad market index was headed for its fifth straight weekly decline, down more than 1%. The tech-heavy Nasdaq has slid more than 2% week to date, while the blue-chip Dow is below the flatline for the week.
Friday’s slip comes a day after the Nasdaq on Thursday fell into a correction, down more than 10% from a record set in October. The Dow also moved into correction territory Friday after moving into it in morning trading, also currently down 10% from its recent high. The S&P 500 is more than 8% below its record.
Dow Jones Industrial Average, year-to-date
International benchmark Brent crude futures rose 3% to above $111 per barrel. U.S. West Texas Intermediate futures gained 4% to above $98 a barrel.
President Donald Trump extended a deadline to attack Iran’s energy infrastructure to April 6, a little over a week after the original deadline that was set to end Friday.
“As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction,” Trump said in a Truth Social post. “Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well. Thank you for your attention to this matter!”
The announcement is the latest signal the Trump administration is seeking an end to the U.S.-Iran war, a conflict that has resulted in surging oil prices that’s already hurting voters at the pump and could cost Republicans their seats in the midterm elections.
A resolution to the conflict would be a boon for the stock market, which has tumbled since the U.S. and Israel attacked Iran’s energy infrastructure on Feb. 28.
Uncertainty remains for investors, however, after Iran’s foreign minister reportedly told state media this week that Tehran has no intention of holding talks with the U.S., even if its leaders are reviewing an American proposal to end the war. On top of that, The Wall Street Journal reported, citing people familiar with the matter, that the Pentagon was considering sending another 10,000 troops to the Middle East.
The Strait of Hormuz is closed, Iran’s Islamic Revolutionary Guard Corps has said to the country’s state media, adding that movement through the key waterway will face a harsh response. Two Chinese ships were turned away from crossing the Strait early Friday, and a Thai-flagged cargo ship that had been hit in the waterway has run aground, Iran state media said.
