Finance

While broader markets tumbled, energy stocks outperformed as global oil benchmarks reacted to military escalations in the Middle East. Brent crude jumped over 4% to exceed $112 per barrel, driving gains for industry giants such as Exxon Mobil and Suncor Energy despite a concurrent dip in U.S. rig counts to two-month lows.

The yield on the 10-year Treasury note climbed to 4.48% on Friday, reaching its highest level since July 2025 as investors recalibrated their outlook on inflation and future monetary policy. Heightened volatility in the bond market has led traders to drastically scale back expectations for Federal Reserve rate cuts in 2026, with some pricing in a year-end probability for a cut as low as 3.7%.

Technology heavyweights including Alphabet and Meta Platforms saw sharp declines following a landmark court ruling regarding social media addiction and its impact on consumers. Additionally, investors expressed growing skepticism over massive capital expenditures in artificial intelligence, causing a basket of top tech stocks to underperform the broader market with a 12% year-to-date decline through late March.

The digital asset market continued its downward trend for 2026, with Bitcoin falling to approximately $66,587, a significant drop from the previous day's levels. Despite the broader downturn, Bitcoin's market dominance has risen to 56.5% as capital rotates out of high-risk altcoins into more established assets amid heightened global risk-off sentiment.

A new survey from the University of Michigan indicates a 6% drop in U.S. consumer sentiment for March, reflecting growing public anxiety over the economic impact of the conflict with Iran. This decline was observed across all demographic and political groups, highlighting the strain of rising gasoline prices and broader inflationary fears on household outlooks.