Stocks Slump as Iran War Fans Inflation Fears

Group 1: Oil and Energy Sector - WTI crude oil prices experienced volatility, initially rising by over 3% before falling back, influenced by geopolitical tensions in the Middle East and statements from President Trump regarding de-escalation of attacks on energy sites [1] - Iran has indicated that it will retaliate against US and Israeli airstrikes by targeting energy infrastructure in Saudi Arabia, Qatar, and the UAE, which could further impact global oil supply [1] - The International Energy Agency (IEA) reported that the ongoing conflict is disrupting 7.5% of global oil supply, with an expected cut of 8 million barrels per day this month due to the closure of the Strait of Hormuz [6] Group 2: Economic Indicators - The March US Philadelphia Fed business outlook survey unexpectedly rose by 1.8 to a six-month high of 18.1, contrary to expectations of a decline [2] - Weekly initial unemployment claims in the US fell by 8,000 to a nine-week low of 205,000, indicating a stronger labor market than anticipated [2] - Higher inflation expectations are affecting Treasury note prices, with the 10-year T-note yield reaching a 6.75-month high of 4.32% [8] Group 3: Stock Market Performance - Major US stock indices, including the S&P 500, Dow Jones, and Nasdaq 100, fell to 3.75-month lows amid rising energy prices and inflation concerns stemming from the Middle East conflict [4] - The S&P 500 Index decreased by 0.66%, while the Dow Jones Industrial Average and Nasdaq 100 fell by 0.57% and 0.80%, respectively [5] - Mining stocks faced significant losses, with gold and silver prices dropping to six-week lows, and major companies like Coeur Mining and Hecla Mining down more than 10% [13] Group 4: Company-Specific Developments - Micron Technology's stock fell over 5% after announcing full-year capital spending expectations of $25 billion, exceeding consensus estimates [12] - Five Below reported Q4 net sales of $1.73 billion, surpassing expectations, and forecasted 2027 net sales between $5.20 billion and $5.30 billion [17] - Rivian Automotive's stock rose over 9% following an investment announcement from Uber Technologies to support the launch of a robotaxi fleet [16]