{"id":513293,"date":"2026-03-09T16:43:12","date_gmt":"2026-03-09T16:43:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/513293\/"},"modified":"2026-03-09T16:43:12","modified_gmt":"2026-03-09T16:43:12","slug":"dow-sp-500-nasdaq-sink-as-oil-prices-surge-past-100-a-barrel","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/513293\/","title":{"rendered":"Dow, S&P 500, Nasdaq sink as oil prices surge past $100 a barrel"},"content":{"rendered":"\n

US stocks tumbled on Monday after crude prices temporarily surged past $100 per barrel<\/a> amid fears of a prolonged Middle East conflict, following a meeting of leading countries to discuss the oil supply squeeze.<\/p>\n

The Dow Jones Industrial Average (^DJI<\/a>) pared losses to 0.8% after falling by more than 800 points earlier in the session. The S&P 500 (^GSPC<\/a>) dropped 0.6%, while the tech-heavy Nasdaq Composite (^IXIC<\/a>) sank 0.2%.<\/p>\n

Oil prices were coming off earlier highs<\/a> after spiking around 25% late Sunday<\/a> to top $119 a barrel, reaching levels not seen since 2022. The spike came as conflict in Iran spurred crude-producing countries to cut output, already curbed by the virtual closure of the Strait of Hormuz shipping corridor. Kuwait confirmed unspecified production cuts<\/a>, while Iraqi output is reported to have plunged about 70%.<\/p>\n

Amid the supply crunch, ministers from the G7 top economies will meet on Monday to discuss a possible joint release of petroleum from International Energy Agency reserves, per media reports<\/a>. The US and two other countries are said to back the move, which appears to have soothed nerves rattled on Sunday by Trump’s suggestion<\/a> that high costs were “a very small price to pay” for security.<\/p>\n

West Texas Intermediate (CL=F<\/a>) crude futures were trading at around $96 a barrel, while global benchmark Brent (BZ=F<\/a>) futures changed hands above $98.<\/p>\n

The sell-off in stocks followed a bruising stretch last week, which saw the Dow<\/a> lose roughly 3%, marking its steepest weekly drop since tariff concerns from the Trump administration<\/a> rattled markets in April 2025.<\/p>\n

Looking at domestic economic reports, investors will be watching closely<\/a> for Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures index readings, though neither will capture the effect of oil’s dramatic recent surge on price pressures just yet.<\/p>\n

On the corporate front, earnings season continues<\/a>, with Oracle (ORCL<\/a>) and Adobe (ADBE<\/a>) the highlights this week.<\/p>\n

LIVE 19 updates<\/p>\n

McDonald’s french fry supplier Lamb Weston targeted by activist investor Starboard <\/p>\n

Activist investor Starboard Value sent a letter to Lamb Weston (LW<\/a>) on Monday after building a stake in the company, saying the major french fry maker should further cut costs and improve operations.<\/p>\n

“In our view, the Company is well positioned to enter a new phase of value creation, one defined not only by normalization of industry conditions, but by a structural improvement in margins, capital allocation, and earnings power,” the letter read.<\/a> “Specifically, we believe you should expand the already announced cost reduction program and conduct a strategic review of certain international operations, particularly within Asia Pacific.”<\/p>\n

Lamb Weston’s stock rose marginally as of midday trading. The Idaho-based company is the largest french fry producer in North America and supplies fries to major fast food chains, including McDonald’s (MCD<\/a>) and Chick-fil-A.<\/p>\n

The company had previously faced activist pressure from Jana Partners. At the beginning of 2025, Michael Smith took over the CEO role <\/a>as part of a leadership shakeup aimed at revamping operations.<\/p>\n

Starboard said that while the initial $250 million cost reduction program was a “welcome first step,” an additional $250 million in cost cuts is necessary.<\/p>\n

\"Jared Software\u2019s recent rally may be more short covering than comeback <\/p>\n

Software stocks are slipping a bit today after the industry posted its best week since last April\u2019s rebound. But this still looks more like a short-covering bounce than the start of a durable software comeback.<\/p>\n

Since bottoming on Feb. 23, the iShares software ETF (IGV<\/a>) has been positive in eight of the last nine sessions.<\/p>\n

The problem for bulls is that the leadership beneath the surface of this market looks more consistent with de-risking than fresh risk appetite.<\/p>\n

The sectors that got hit hardest last week in large-caps \u2014 Materials (XLB<\/a>), Consumer Staples (XLP<\/a>), Health Care (XLV<\/a>), and Industrials (XLI<\/a>) \u2014 are largely the same group that had held up best since software peaked last September.<\/p>\n

In other words, investors appear to be selling their winning longs and buying back one of their biggest shorts, software.<\/p>\n

The lone exception is Energy (XLE<\/a>), which keeps catching a bid as crude oil and energy prices surge.<\/p>\n

Software will eventually have its day in the sun, but for now, IGV still looks vulnerable. If it picks up again from here, watch any rebounds with suspicion \u2014 especially into key levels like the 50-day moving average near 93 or even the old breakdown area near the November lows of around 101.<\/p>\n

\"Jake G7 nations will not yet tap strategic petroleum reserves, France says after meeting <\/p>\n

The Group of Seven (G7) nations will not yet collectively tap into their strategic petroleum reserves to attempt to put a lid on global oil prices, France said after a meeting of the countries on Monday morning.<\/p>\n

“We agreed on following the situation very closely,” France’s finance minister Roland Lescure said after a virtual meeting of G7 finance ministers, according to Bloomberg<\/a>. “We are ready to take all necessary measures, including using strategic reserves to stabilize the market.”<\/p>\n

Futures on Brent crude (BZ=F<\/a>), the international pricing benchmark, and US benchmark West Texas Intermediate (WTI) crude (CL=F<\/a>) had both pulled back from $119 per barrel on the news early Monday that the G7 nations would meet to potentially discuss tapping their SPRs.<\/p>\n

Oil prices on both Brent and WTI, which had temporarily slipped back below $100, began climbing again after The Wall Street Journal reported that an Iranian military commander said oil would hit $200 per barrel<\/a> if airstrikes on the country’s infrastructure didn’t stop.<\/p>\n

Over the weekend, Tehran was engulfed in black smoke and oil-infused rain following airstrikes on fuel depots outside of Tehran and other cities across the country. Outside of Iran, Bahrain’s Bapco Energies refinery<\/a> and Qatar’s Ras Laffan LNG complex<\/a> have declared force majeure, while Saudi Arabia’s Ras Tanura refinery<\/a> has been taken offline.<\/p>\n

Iraq, Kuwait, the UAE, and Saudi Arabia have all announced production cuts as storage has filled up with nowhere to offload oil.<\/p>\n

\"Jared Why a steeper yield curve isn\u2019t helping banks this time <\/p>\n

Big banks and regional lenders are getting hit even as the US yield curve steepens, with the 10-year yield (^TNX<\/a>) up about 8 basis points over the past three days.<\/p>\n

The Financial Select Sector SPDR Fund (XLF<\/a>) is down about 4.5% over this time frame, while the SPDR S&P Regional Banking ETF (KRE<\/a>) is off roughly 7% \u2014 its worst three-day slide since the April 7 washout last year.<\/p>\n

That says this is not a simple net interest margin<\/a> story. A steeper curve would normally help banks, but the market looks more focused on credit risk and a broader growth scare \u2014 especially around private credit, where recent stress around Blue Owl<\/a> and BlackRock withdrawal limits<\/a> and broader worries about private credit exposure<\/a> have kept investors on edge.<\/p>\n

In other words, the curve is getting friendlier, but the market is still trading financials like a credit-stress proxy. If banks cannot catch a bid on a steeper curve, that is the warning.<\/p>\n

\"Jared Dow Transports taking the down elevator <\/p>\n

The Dow Transports (^DJT<\/a>) are now on track for a 9% loss over the last three trading days \u2014 the biggest three-day slide since the post-“Liberation Day” wipeout last April, when they fell about 13%.<\/p>\n

The other\u00a0Dow index recently failed to clear the 20,000 level after roughly two weeks of trying \u2014 carving out a classic pennant chart formation<\/a>. Now it\u2019s breaking down hard from that wedge, shedding roughly 1,000 points \u2014 about 3% \u2014 in each of the last three sessions.<\/p>\n

The weakness is showing up across this energy-sensitive group, in both consumer-facing and business-to-business names \u2014 from United Airlines (UAL<\/a>), down over 6%, to Uber (UBER<\/a>), down 3.5%, to freight and logistics name XPO (XPO<\/a>), also down 3.5%.<\/p>\n

This is still one of the clearest canaries in the coal mine. Until the transports can stabilize, it\u2019s hard to make the case that the broader growth scare is really easing.<\/p>\n

\"Jake What Brent and WTI trading at parity signals for oil market <\/p>\n

Futures on international benchmark Brent (BZ=F<\/a>) and US benchmark West Texas Intermediate (WTI) crude (CL=F<\/a>) both jumped up to highs of $119 in the minutes after the oil futures market reopened, and spent the evening trading at the same price point.<\/p>\n

That the world’s two main pricing benchmarks began trading in parity marked an uncommon market dynamic.<\/p>\n

As a general rule, WTI typically trades at a roughly $3 to $7 discount to Brent. The spread reflects differences in logistics and market access.<\/p>\n

Brent is priced off oil produced in the North Sea and represents the global seaborne crude market \u2014 barrels that can easily be loaded onto tankers and shipped to major refining centers in Europe and Asia. Because it reflects globally traded supply, Brent typically commands a premium.<\/p>\n

WTI, by contrast, is priced at storage hubs in Cushing, Okla. While the crude itself is high quality, the pricing point is landlocked and tied more closely to the North American pipeline system. That logistical constraint usually leaves WTI trading slightly cheaper than Brent.<\/p>\n

When the two benchmarks trade at the same price, it typically signals that global supply risks are lifting prices across the board and overwhelming the normal logistics premium embedded in Brent. Buyers who would primarily book shipments of Brent are now looking to WTI for backfill while Brent remains unavailable \u2014 right now, locked in the Persian Gulf behind the Strait of Hormuz, where shipping has dropped to near-zero as the conflict in Iran continues to burn.<\/p>\n

In other words: When WTI trades in parity to Brent, it’s a clear sign the global oil market is under an immense amount of stress.<\/p>\n

Stocks fall at the open as oil squeeze spooks markets <\/p>\n

US stocks opened lower on Monday as oil’s rise above $100 per barrel unleashed fears of a more severe economic impact from the war in the Middle East.<\/p>\n

The Dow Jones Industrial Average (^DJI<\/a>) sank 0.8% at the open. The tech-heavy Nasdaq Composite (^IXIC<\/a>) dropped roughly 0.7%, and the S&P 500 (^GSPC<\/a>) fell 0.7%.<\/p>\n

Futures for West Texas Intermediate (CL=F<\/a>) and Brent (BZ=F<\/a>) crude oil traded at $99 and $102 per barrel, respectively, after spiking above $110 briefly on Sunday evening.<\/p>\n

Treasury yields also rose, with the 10-year yield (^TNX<\/a>) up 2 basis points<\/p>\n

\"Jared Oil volatility index hits pandemic panic levels <\/p>\n

Overnight, WTI crude (CL=F<\/a>) and Brent crude (BZ=F<\/a>) briefly surged to within a hair of $120 a barrel \u2014 the highest level for both since mid-2022, in the aftermath of Russia\u2019s invasion of Ukraine. They\u2019ve since pulled back to around $100, but they’re still on pace for huge monthly gains with more than three full trading weeks left in March.<\/p>\n

WTI is up more than 50% this month, a move not seen since April 2020, when oil was rebounding from negative prices. That\u2019s also the last time the oil VIX (^OVX<\/a>), calculated from USO options, traded at a higher level and above 100. Unlike the stocks VIX (^VIX<\/a>), which typically rises when stocks fall, commodity volatility gauges \u2014 gold included \u2014 often climb alongside the underlying price.<\/p>\n

Brent, meanwhile, is up more than 40% on the month, which would mark its biggest monthly gain in data going back to late 2007.<\/p>\n

My first line in the sand was $8, which cracked on Friday. Now the key question is whether crude can hold above $100, which truly changes every playbook around the world.<\/p>\n

\"Jake Hims & Hers shares soar after news of deal that Novo Nordisk will distribute drugs on Hims platform <\/p>\n

Shares in Hims & Hers Health (HIMS<\/a>) soared Monday morning, picking up more than 50% in premarket trading after reports that a longstanding feud with Novo Nordisk (NVO<\/a>) has ended and that the drugmaker agreed to distribute its products through the Hims platform.<\/p>\n

Novo Nordisk shares gained 1%.<\/p>\n

Hims and Novo Nordisk could announce a formal partnership as soon as Monday<\/a>, according to Bloomberg, which broke the news. The reported deal comes after Novo Nordisk sued Hims in February<\/a>, accusing the platform of distributing copycat versions of its Wegovy weight-loss pill and violating patent protections.<\/p>\n

This marks the second time<\/a> the companies have reportedly entered into a partnership of this kind. Novo Nordisk exited the first deal within two months after accusing Hims of refusing to stop distributing copycats of Novo Nordisk’s drugs.<\/p>\n

\u201cThe big issue with Hims is that we had an agreement that the mass compounding would stop and unfortunately it didn\u2019t stop,\u201d Ludovic Helfgott, executive vice president of product and portfolio strategy at Novo, said in an interview quoted by Bloomberg. \u201cThat\u2019s why we ended the partnership.\u201d<\/p>\n

Airline stocks sink amid spike in oil prices, expectations of higher ticket prices <\/p>\n

Airline stocks sold off on Monday as spiking crude oil prices over the weekend pointed to higher jet fuel costs.<\/p>\n

Shares of Delta Air Lines (DAL<\/a>) dropped 3.1%, American Airlines (AAL<\/a>) declined 3.8%, and United Airlines (UAL<\/a>) fell 2.8% before the opening bell on Monday.<\/p>\n

Airlines no longer hedge fuel prices, which account for between a quarter to one-fifth of their overall costs. On Friday, United Airlines CEO Scott Kirby said the impact of higher fuel costs on airfare<\/a> would \u201cprobably start quick.\u201d<\/p>\n

Over the past month, the US airlines have seen stock drawdowns of between 20% and 26%.<\/p>\n

European air carriers Lufthansa (LHA.DE<\/a>) tumbled roughly 5%, while British Airways and Aer Lingus parent company International Consolidated Airlines Group (IAG.L<\/a>) slid 3%. Air France-KLM (AF.PA<\/a>) also declined by 3%.<\/p>\n

Global bond rout grows as oil jump upends interest-rate outlook <\/p>\n

Bloomberg reports:<\/p>\n

Read more here<\/a>.<\/p>\n

Europe’s blue chips head for correction as oil soars <\/p>\n

From Bloomberg:<\/p>\n

Read more here<\/a>.<\/p>\n

Stagflation trades sweep markets as Trump signals widening war <\/p>\n

Optimism for a quick resolution of the conflict in the Middle East is rapidly ebbing in financial markets.<\/p>\n

Bloomberg reports:<\/p>\n

Read more here<\/a>.<\/p>\n

G7 to discuss joint release of emergency oil reserves <\/p>\n

The Financial Times reports:<\/p>\n

Read more here<\/a> (premium subscribers)<\/p>\n

\"Brian How some on Wall Street are thinking <\/p>\n

Veteran strategist Chris Rupkey has this solid new hot take on the oil surge below.<\/p>\n

I would say his view is still far from the consensus (we go into a recession because of the Iran situation), But we should be on the lookout for commentary like this in the next few days:<\/p>\n

\"Brian Goldman weighs in on oil surge <\/p>\n

Goldman Sachs’ new call on oil already looks outdated, given the outsized move in prices we have seen since last night.<\/p>\n

Asian gauges hammered as soaring oil price shakes global markets <\/p>\n

Major gauges across Asia fell upwards of 5% as the US-Israeli war with Iran was seen to cause global instability. The drops have been driven by surging oil prices, a potential indicator of an incoming recession<\/a>, accro<\/p>\n

AP Finance reports:<\/p>\n

Read more here. <\/a><\/p>\n

Gold falls against backdrop of instability from oil spike <\/p>\n

Bloomberg reports:<\/p>\n

Read more here. <\/a><\/p>\n

Oil pushes past $100 a barrel in fastest rally since 1980s <\/p>\n

Yahoo Finance’s Jake Conley<\/a> reports:<\/p>\n

Read more here. <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"US stocks tumbled on Monday after crude prices temporarily surged past $100 per barrel amid fears of a…\n","protected":false},"author":2,"featured_media":513016,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,232533,232534,40608,4012,804,121,4011],"class_list":["post-513293","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-crude-futures","tag-crude-prices","tag-dow","tag-international-energy-agency","tag-middle-east-conflict","tag-nasdaq-composite","tag-oil-prices"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/513293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=513293"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/513293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/513016"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=513293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=513293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=513293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}