March 11 Market Summary: The War Still Isn't Over, Oil Prices Drop Another 15%
Market Summary March 11: War Continues, Oil Plunges 15%
Wall Street remained indecisive as conflicting signals emerged regarding the Iran conflict. The Dow fell 34 points (-0.07%), the S&P 500 dropped 0.21%, and the Nasdaq barely moved (+0.01%). While Trump claimed the war was "largely over," the White House clarified that military operations were escalating and the Strait of Hormuz remained closed. Energy stocks led declines as oil prices continued to fall. Chip stocks, including Nvidia and Micron, rose on strong demand signals from TSMC.
Oil prices crashed another 15%, with Brent at $87.80 and WTI at $83.45. Despite a two-day cumulative drop of over 30%, prices remain 25-30% above pre-war levels. Trump administration comments about war resolution triggered selling, but the Pentagon later emphasized the conflict would continue until "decisive victory."
Gold surged 2.44% to $5,228/oz, and silver jumped 6.25%, erasing Monday’s losses. Lower oil prices eased inflation fears, boosting Fed rate cut expectations and safe-haven demand.
Bitcoin briefly surpassed $70,000 before retreating to the $69,000–$69,500 range. It faces resistance near $71,500, but institutional buying and potential short squeeze conditions suggest upward momentum.
The market’s core conflict remains: trusting Trump’s optimism about war resolution versus the Pentagon’s reality. If diplomacy succeeds, oil may fall below $70 and stocks could rally. If the war persists, oil may rebound above $100, risking another market downturn.
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