Stock Market Today, March 26: Nasdaq Falls 2.4% After Meta and Micron Drop Sharply
The S&P 500 (SNPINDEX:^GSPC) fell 1.74% to 6,477.16, the Nasdaq Composite (NASDAQINDEX:^IXIC) sank 2.38% to 21,408.08, and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 1.01% to 45,960.11 as surging oil prices and Iran-war tensions drove broad risk-off selling.
Market movers
Meta Platforms (NASDAQ:META)and Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) tumbled, contributing to the Nasdaq’s decline. A high-profile court case ruling found the firms negligent in a lawsuit about the damages caused by social media addiction. Both companies plan to appeal.
Memory chip stocks extended losses as investors reacted to news that Google’s TurboQuant algorithm could significantly reduce the amount of memory needed by artificial intelligence (AI) models. Micron Technology (NASDAQ:MU) has fallen almost 20% in the past five days.
In contrast, Occidental Petroleum (NYSE:OXY) gained on a reported CEO succession plan. Long lines and delays at airports boosted rental car stocks. Avis Budget Group (NASDAQ:CAR) gained about 13% to close at $139.58.
What this means for investors
U.S. indexes declined sharply today, weighed down by the war in Iran and energy price fears. Mixed ceasefire messages did little to reassure investors. Brent crude soared to $108 a barrel in intraday trading, before falling to $102 at close. Traffic through the Strait of Hormuz remains restricted, pressuring oil and gas supplies.
Inflation concerns continue to contribute to risk-off sentiment, and some analysts think the odds of a recession are increasing. As the S&P 500 nears correction territory, it is worth remembering that these pullbacks are relatively common. Historically, markets have always rebounded and set new highs.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, and Micron Technology. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
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