Nasdaq Slides 1.9% as S&P 500 Hits Five-Week Losing Streak
The Nasdaq 100 tumbled 1.9% on Friday while the S&P 500 extended its losing streak to five weeks, the longest since 2022. Treasury bonds declined as the 30-year yield approached 5%, and Bitcoin traded at roughly half its pre-conflict peak.
1. Market Rout Fueled by Middle East Conflict
The escalation in the Iran war triggered a broad sell-off as the Nasdaq 100 fell 1.9% in one session and the S&P 500 slid for a fifth consecutive week, marking its longest downturn since early 2022. Investors shunned bonds with the 30-year US Treasury yield rising towards 5%, while risk assets like Bitcoin dropped to roughly half their pre-conflict levels.
2. UAE Port Bypasses Strait to Sustain Oil Flows
Abu Dhabi National Oil Co. resumed exports at Fujairah port after March strikes, supporting alternative Persian Gulf crude routes outside the Strait of Hormuz. Fujairah’s ramp-up underscores efforts to maintain global supply and mitigates chokepoint risks following regional hostilities.