19.03.202613:37:51UTC+00S&P 500, Nasdaq Slide to 4-Month Lows

US equity indices fell to a four-month low on Thursday as the continued surge in energy prices intensified concerns about stagflation in the US economy. The S&P 500 slid 0.8%, the Nasdaq lost 1%, and the Dow declined by more than 200 points. Global oil and natural gas benchmarks climbed further after Iranian strikes on Qatari and Saudi energy infrastructure, amplifying the pro-inflationary shock that began with the onset of the war. These pressures are compounding an already-strong February PPI reading, recorded before the conflict, leading a number of FOMC officials to signal they see no scope for rate cuts this year despite evidence of a cooling labor market. AI-exposed stocks were broadly weaker after Micron projected higher capital spending, which overshadowed its robust earnings driven by stronger memory pricing. Micron shares fell 7%, while Nvidia and Broadcom each declined more than 2%.