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U.S. stock markets plummeted on Thursday as crude oil prices continued to surge following intensified war and geopolitical conflicts in the Middle East. The global supply-chain system of crude oil and natural gas remained heavily disturbed showing no signs of near-term recovery. Market participants also weighed a series of mixed economic data. All three major stock indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) tumbled 1.6% or 739.42 points to close at 46,677.85. This marked the lowest close of the blue-chip index in 2026 and the first close below the threshold 47,000 level. Notably, 26 components of the 30-stock index ended in negative territory while four ended in positive territory.
The tech-heavy Nasdaq Composite finished at 22,311.98, plummeting 1.8% or 404.16 points owing to the weak performance by technology bigwigs. This reflected the tech-laden index’s lowest close so far this year.
The S&P 500 slid 1.5% or 103.18 points to finish at 6,672.62, its lowest close in 2026. Nine out of 11 sectors of the broad-market index ended in negative territory while two ended in positive territory. The Consumer Staples Select Sector SPDR (XLP) and the Real Estate Select Sector SPDR (XLRE) fell 1.3% and 1.2%, respectively. On the other hand, the Energy Select Sector SPDR (XLE) rose 2.5%.
The fear gauge CBOE Volatility Index (VIX) was up 12.6% to 27.29. A total of 19.96 billion shares were traded on Thursday, lower than the last 20-session average of 20.05 billion. Decliners outnumbered advancers on the NYSE by a 4.18-to-1 ratio. On the Nasdaq, a 3.27-to-1 ratio favored declining issues.
Crude Oil Prices Continue to Rise
The geopolitical conflicts in the Middle East remained heightened. Iran continued to retaliate against the U.S.-Israel joint attack and the largest crude oil supply line through the Strait of Hormuz remained heavily disturbed.
The newly selected Iran's Supreme Leader Ayatollah Mojtaba Khamenei vowed to keep the crucial Strait of Hormuz closed, as a “tool to pressure the enemy.” CNBC reported citing U.S. Energy Secretary Chris Wright that the U.S. Navy is “not ready” to escort oil tankers through the Strait of Hormuz. The U.S. Navy may do this by the end of this month.
The 32 countries of the International Energy Agency (IEA) agreed to release 400 million barrels of crude oil to normalize global oil supply. This marked the largest such action in IEA’s history. Moreover, OPEC said that Saudi Arabia has also ramped up oil production.
Despite these measures, the U.S. benchmark West Texas Intermediate (WTI) futures jumped more than 9.7% to settle at $95.73 per barrel. The global benchmark — the Brent futures — climbed 9.2% to settle at $100.46 per barrel, its first close above the psychological barrier of $100 for the first time since August 2022.
Consequently, stock prices of U.S. upstream giants like Chevron Corp. (CVX - Free Report) and Exxon Mobil Corp. (XOM - Free Report) advanced 2.7% and 1.3%, respectively. The stocks currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Department of Labor reported that initial claims decreased by 1,000 to 213,000 for the week ended March 7, marginally above the consensus estimate of 212,000. The previous week’s data was revised marginally upward to 214,000 from 213,000 reported earlier.
Continuing claims (those who have already received government aid and reported a week behind) decreased 21,000 to 1.85 million for the week ended Feb. 28. The previous week's level was revised upward by 3,000 to 1,871,000 from 1,868,000 reported earlier.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported that the trade (goods and services) deficit fell to $54.5 billion in January, significantly lower than the consensus estimate of $69.3 billion. The metric for December was revised upward to $72.9 billion from $70.3 billion reported earlier.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that housing starts increased to 1.487 million units in January, up 7.2% sequentially and 9.5% annually. The Zacks Consensus Estimate was 1.354 million units. The metric for December was revised downward to 1.387 million from 1.404 million units reported earlier.
On the other hand, building permits decreased to 1.376 million units in January, down 5.4% sequentially and 5.8% annually. The Zacks Consensus Estimate was 1.482 million units. The metric for December was revised upward to 1.455 million from 1.448 million units reported earlier.
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Stock Market News for Mar 13, 2026
U.S. stock markets plummeted on Thursday as crude oil prices continued to surge following intensified war and geopolitical conflicts in the Middle East. The global supply-chain system of crude oil and natural gas remained heavily disturbed showing no signs of near-term recovery. Market participants also weighed a series of mixed economic data. All three major stock indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) tumbled 1.6% or 739.42 points to close at 46,677.85. This marked the lowest close of the blue-chip index in 2026 and the first close below the threshold 47,000 level. Notably, 26 components of the 30-stock index ended in negative territory while four ended in positive territory.
The tech-heavy Nasdaq Composite finished at 22,311.98, plummeting 1.8% or 404.16 points owing to the weak performance by technology bigwigs. This reflected the tech-laden index’s lowest close so far this year.
The S&P 500 slid 1.5% or 103.18 points to finish at 6,672.62, its lowest close in 2026. Nine out of 11 sectors of the broad-market index ended in negative territory while two ended in positive territory. The Consumer Staples Select Sector SPDR (XLP) and the Real Estate Select Sector SPDR (XLRE) fell 1.3% and 1.2%, respectively. On the other hand, the Energy Select Sector SPDR (XLE) rose 2.5%.
The fear gauge CBOE Volatility Index (VIX) was up 12.6% to 27.29. A total of 19.96 billion shares were traded on Thursday, lower than the last 20-session average of 20.05 billion. Decliners outnumbered advancers on the NYSE by a 4.18-to-1 ratio. On the Nasdaq, a 3.27-to-1 ratio favored declining issues.
Crude Oil Prices Continue to Rise
The geopolitical conflicts in the Middle East remained heightened. Iran continued to retaliate against the U.S.-Israel joint attack and the largest crude oil supply line through the Strait of Hormuz remained heavily disturbed.
The newly selected Iran's Supreme Leader Ayatollah Mojtaba Khamenei vowed to keep the crucial Strait of Hormuz closed, as a “tool to pressure the enemy.” CNBC reported citing U.S. Energy Secretary Chris Wright that the U.S. Navy is “not ready” to escort oil tankers through the Strait of Hormuz. The U.S. Navy may do this by the end of this month.
The 32 countries of the International Energy Agency (IEA) agreed to release 400 million barrels of crude oil to normalize global oil supply. This marked the largest such action in IEA’s history. Moreover, OPEC said that Saudi Arabia has also ramped up oil production.
Despite these measures, the U.S. benchmark West Texas Intermediate (WTI) futures jumped more than 9.7% to settle at $95.73 per barrel. The global benchmark — the Brent futures — climbed 9.2% to settle at $100.46 per barrel, its first close above the psychological barrier of $100 for the first time since August 2022.
Consequently, stock prices of U.S. upstream giants like Chevron Corp. (CVX - Free Report) and Exxon Mobil Corp. (XOM - Free Report) advanced 2.7% and 1.3%, respectively. The stocks currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Department of Labor reported that initial claims decreased by 1,000 to 213,000 for the week ended March 7, marginally above the consensus estimate of 212,000. The previous week’s data was revised marginally upward to 214,000 from 213,000 reported earlier.
Continuing claims (those who have already received government aid and reported a week behind) decreased 21,000 to 1.85 million for the week ended Feb. 28. The previous week's level was revised upward by 3,000 to 1,871,000 from 1,868,000 reported earlier.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported that the trade (goods and services) deficit fell to $54.5 billion in January, significantly lower than the consensus estimate of $69.3 billion. The metric for December was revised upward to $72.9 billion from $70.3 billion reported earlier.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that housing starts increased to 1.487 million units in January, up 7.2% sequentially and 9.5% annually. The Zacks Consensus Estimate was 1.354 million units. The metric for December was revised downward to 1.387 million from 1.404 million units reported earlier.
On the other hand, building permits decreased to 1.376 million units in January, down 5.4% sequentially and 5.8% annually. The Zacks Consensus Estimate was 1.482 million units. The metric for December was revised upward to 1.455 million from 1.448 million units reported earlier.