[New York Stock Exchange] WTI Surpasses $100, Three Major Indexes Close Mixed

S&P 500 and Nasdaq End Lower

Tech Stocks Close Mixed

Oil Prices Have Greater Impact Than Fed Chair's Remarks

New York Stock Exchange. Photo by Yoonjoo Hwang, New York Correspondent

As U.S. President Donald Trump warned of airstrikes against Iran if a ceasefire agreement is not reached, West Texas Intermediate (WTI) crude oil surpassed $100 per barrel, leading to a mixed close for the three major U.S. stock indices on March 30 (local time).

On this day at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 45,216.14, up 49.50 points (0.11%) from the previous trading day. The S&P 500, which is centered on large-cap stocks, finished at 6,343.72, down 25.13 points (0.39%), while the tech-heavy Nasdaq closed at 20,794.64, down 153.72 points (0.73%).

The market was more influenced by international oil price movements than by the remarks of Jerome Powell, Chair of the Federal Reserve. President Trump stated on the social networking service Truth Social that “We will end our ‘presence’ in Iran by blowing up and completely devastating all their power plants, oil fields, and Kharg Island—perhaps even all desalination facilities.”

This post came after Esmail Baghaei, spokesperson for Iran’s Foreign Ministry, announced on the same day that “the meeting is being held within a framework independently set by Pakistan” in relation to the ceasefire talks hosted by Pakistan and added, “Iran is not participating.”

The crude oil market closely watched the ceasefire negotiations, also considering the possibility of further escalation. The May WTI futures settled at $102.88 per barrel, up 3.25% from the previous session. This is the first time in about three years and eight months since July 2022 that WTI futures have closed above $100 per barrel.

May Brent crude futures finished at $112.78 per barrel, up 0.19% from the previous session. The continued uncertainty surrounding the ceasefire talks appears to have contributed to the rise in international oil prices.

Oil refining stocks ended mixed, with ExxonMobil up 0.42% and Chevron down 0.18%. Energy shares also closed mixed, including Occidental Petroleum up 1.38%, Diamondback Energy down 1.72%, and APA down 0.02%.

The U.S. Treasury market reacted to Chair Powell’s comments. After Powell attended a class at Harvard University and stated that he could not predict the economic impact of the Iran war and would approach monetary policy cautiously, yields on both the 10-year and 2-year U.S. Treasury notes declined.

David Wagner, Head of Equities at Aptus Capital Advisors, noted, “Investors have become used to the unusual pattern in the market, where it underperforms on Thursdays and Fridays but performs well on Mondays and Tuesdays. Ahead of the weekend, there is a tendency to de-risk, only to reinvest at the start of the week. It seems that risk reduction is occurring earlier now.”

Large-cap stocks also ended mixed. Notable price changes included Nvidia down 1.40%, Apple down 0.78%, Microsoft up 0.64%, Alphabet down 0.29%, and Meta up 2.11%.

Chris Senyek of Wolfe Research said, “As the Trump Administration continues to issue various messages regarding de-escalation and reopening with Iran, the market remains sensitive to headlines. Therefore, we are maintaining a defensive investment stance.”

Michael Wilson of Morgan Stanley commented on the recent sell-off that has hit the stock market, saying, “There is growing evidence that we are nearing the final stage,” citing the example of previous “growth slowdown concerns” that occurred without a recession or rate hike.

This content was produced with the assistance of AI translation services.