Stock Market Today, March 13: Markets Fall as Oil Prices Soar and Iran War Continues

Market Performance - The S&P 500 fell 0.61% to 6,632.19, the Nasdaq Composite dropped 0.93% to 22,105.36, and the Dow Jones Industrial Average slipped 0.26% to 46,558.47 due to surging oil prices [1] - The S&P 500 has posted its third consecutive week of losses, with crude oil prices approaching $100 a barrel amid ongoing disruptions in the Strait of Hormuz [4] Sector Performance - Energy and other defensive sectors outperformed while cyclical stocks lagged [2] - High oil costs are putting pressure on banks, materials, and consumer cyclicals [4] Company-Specific Developments - Ollie's Bargain Outlet gained following its Q4 earnings report [2] - Micron Technology increased on positive commentary ahead of its upcoming earnings [2] - Meta Platforms faced pressure as AI delays pushed the rollout of its Avocado product to May [3] - Adobe fell by 7.58% to close at $249.32 after announcing CEO Shantanu Narayen's resignation during its earnings report [3] Economic Indicators - Job openings rose in January, and consumer spending saw a slight increase at the start of the year, although this data was collected before the current conflict began [5] - Consumer sentiment hit a three-month low, indicating growing concerns over rising energy and gasoline prices [6]