2026.03.0521:01:10UTC+00US Stocks Tumble Amid Geopolitical Uncertainty

US equities extended their losses on Thursday as the deepening conflict in Iran pushed crude oil prices above $80 per barrel, amplifying fears of a global economic slowdown and a resurgence in inflation. The Dow dropped 1.8%, while the S&P 500 and Nasdaq fell 0.81% and 0.61%, respectively, as investors offloaded cyclically sensitive industrials and materials stocks. Caterpillar declined 3.6% and GE Aerospace slipped 3.4% as markets priced in the risk of supply chain disruptions and margin pressure. Financial heavyweights also came under substantial selling pressure, with Goldman Sachs down 3.7% and Morgan Stanley off 3% amid heightened volatility in the yield environment. Benchmark WTI crude climbed above $80 per barrel after reports of an Iranian missile strike on a tanker intensified concerns over potential supply disruptions in the Strait of Hormuz.