Stock Market Today, March 30: High Oil Prices Drive Risk-Off Sentiment, Nasdaq Falls 0.7%
On March 30, the S&P 500 (SNPINDEX:^GSPC) fell 0.39% to 6,343.72 in choppy trading. The Nasdaq Composite (NASDAQINDEX:^IXIC) slid 0.73% to 20,794.64 on tech and chip weakness. The Dow Jones Industrial Average (DJINDICES:^DJI) eked out a 0.11% gain to 45,216.14 as defensives outperformed.
Market movers
Energy giant Exxon Mobil (NYSE:XOM) and consumer staple heavyweight PepsiCo (NASDAQ:PEP) advanced as investors rotated into oil-linked and defensive blue chips. Eli Lilly (NYSE:LLY) gained after it extended its AI drug development partnership with InSilico Medicine.
Micron Technology (NASDAQ:MU) and Sandisk (NASDAQ:SNDK) dropped again as the memory chip sell-off deepened. Semiconductor bellwether Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) and megacap tech leaders such as Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) weighed on the Nasdaq amid renewed artificial intelligence (AI) valuation jitters.
What this means for investors
As the Iran war enters its fifth week, high oil prices continue to weigh on markets. Brent crude closed at $114 today, and U.S. West Texas Intermediate crude peaked above $105, its highest since 2022.
The Nasdaq fell further today, as AI concerns and risk-off sentiment pressured tech leaders. The U.S. bond market rallied after Federal Reserve Chair Jerome Powell’s comments reassured traders that a 2026 rate hike was unlikely.
The S&P has fallen more than 7% since the start of the year, and some analysts think the dip might be nearing its end. Investors will be weighing news from the Middle East and upcoming inflation data to get a clearer economic picture of the impact of the continued hostilities.
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