Iran Conflict Drives Oil Toward $110, Wells Fargo Cuts S&P Forecast
Five weeks of conflict between the US and Iran has erased trillions from global equities, pushed Brent crude near $110 and led Wells Fargo Securities to cut its year-end S&P 500 forecast, prompting managers to shift from growth stocks to value, bonds and volatility hedges. US markets will close for Good Friday.
1. Macro Impact of Iran Conflict
Five weeks of hostilities between the US and Iran have wiped trillions off global stock market valuations, driven Brent crude to hover around $110 per barrel and forced Wells Fargo Securities to lower its year-end S&P 500 target. Portfolio managers are reducing exposure to growth stocks in favor of value names, increasing allocations to bonds, commodities and volatility hedges as uncertainty peaks.
2. Upcoming Good Friday Trading Schedule
US equity markets will observe Good Friday on April 3, remaining closed for the full session. The NYSE and Nasdaq will resume normal trading on the following Monday, with no early closing sessions immediately before the holiday.