"Once again, the stock market opened higher, and high-beta stocks took off, only to end the day and the week down hard for the third consecutive week, as all of the early gains were surrendered by early Friday afternoon. By the close, all of the major indices ended lower."
"The song remains the same for the energy complex, as once again, spot pricing ended the day higher on Friday. The broken-record reasons stayed in place as the war in Iran entered its fourth week, and for now, unless there is a breakthrough in negotiations or the U.S. Navy can protect the oil tankers in the Strait of Hormuz, prices could continue to rise."
"Yields were mixed across the Treasury curve after days of across-the-board selling. While there was some selling on the long end, most of the short and the belly of the curve saw some significant buying as yields had jumped higher recently."
Major stock indices closed lower on Friday, continuing a three-week downtrend despite opening higher. The Nasdaq led declines at 0.93%, followed by the Russell 2000 at 0.57%, while the S&P 500 fell 0.61% and the Dow Jones dropped 0.26%. Treasury yields showed mixed movement across the curve, with the 10-year note at 4.29% and the 30-year bond at 4.91%. Oil prices rose significantly due to ongoing Iran conflict and shipping concerns in the Strait of Hormuz, with Brent Crude up 2.57% to $103 and WTI up 2.92% to $98.53. Natural gas declined 2.94% to $3.14, while gold remained consolidated around the $5,000 level after February's sell-off.
Read at 24/7 Wall St.
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