US close: Dow slides into correction territory amid ongoing Middle East tensions

Major indices closed sharply lower on Friday even as Donald Trump extended his deadline to attack Iran's energy infrastructure.

At the close, the Dow Jones Industrial Average was down 1.73% at 45,166.64, while the S&P 500 shed 1.67% to 6,368.85, and the Nasdaq Composite saw out the session 2.15% weaker at 20,948.36.

The Dow closed 793.47 points lower on Friday, extending losses recorded in the previous session and joining the Nasdaq in correction territory.

Trump said he would extend a pause on strikes against Iran's energy infrastructure until 6 April, pushing back an earlier deadline that had been due to expire today.

"As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction," Trump said on social media. "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well. Thank you for your attention to this matter!"

His announcement marked the latest indication that the US administration was seeking a path toward ending the conflict with Iran, which has driven oil prices sharply higher and added pressure on consumers ahead of the midterm elections.

However, uncertainty persisted after Iranian foreign minister Abbas Araghchi reportedly told state media that Tehran had no intention of holding direct talks with Washington, even as senior officials reviewed America's proposal to end the war. Separately, the Wall Street Journal reported that the Pentagon was weighing the deployment of a further 10,000 US troops to the Middle East, according to people familiar with the matter.

Iran's Islamic Revolutionary Guard Corps also told the nation's state media that the Strait of Hormuz was closed, stating that any attempted movement through the key waterway would face a severe response. According to Iranian state reports, two Chinese vessels were turned back early on Friday, while a Thai‑flagged cargo ship previously struck in the strait was reported to have run aground.

As a result, oil prices continued to climb on the back of the ongoing certainty surrounding the conflict, with Brent crude up 4.22% at $112.57 a barrel and West Texas Intermediate moved 5.46% higher to $99.64 a barrel.

Elsewhere, the CBOE Volatility Index, Wall Street's so-called "fear gauge", surpassed the 30 level on Friday, and was last seen 13.48% higher at 31.14.

On the macro front, the University of Michigan's consumer sentiment index fell to 53.3 in March, down from preliminary estimates of 55.5 and well below February's 56.6 reading, leaving sentiment near record lows seen at the end of 2025, reflecting the impact of rising gas prices and market volatility as a result of the ongoing conflict in Iran.

In the corporate space, cruise operator Carnival posted record first-quarter revenues and raised its full-year guidance on Friday, with demand and increased prices helping to offset rising fuel costs. Carnival said adjusted earnings per share came to $0.20 in Q1, up 50% year-on-year, while revenues rose to a record $6.2bn.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $40.82 3.42%
Chevron Corp. (CVX) $211.15 1.61%
Coca-Cola Co. (KO) $75.71 1.37%
Merck & Co. Inc. (MRK) $119.63 0.59%
Johnson & Johnson (JNJ) $240.45 0.50%
Procter & Gamble Co. (PG) $142.71 0.20%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Walmart Inc. (WMT) $0.00 0.00%
3M Co. (MMM) $143.04 -0.66%

Dow Jones - Fallers

Intel Corp. (INTC) $43.13 -7.20%
Microsoft Corp. (MSFT) $356.77 -3.62%
Salesforce.Com Inc. (CRM) $179.31 -3.37%
Unitedhealth Group Inc. (UNH) $259.02 -3.37%
Visa Inc. (V) $295.52 -3.28%
JP Morgan Chase & Co. (JPM) $282.84 -3.02%
Cisco Systems Inc. (CSCO) $79.92 -2.57%
Walt Disney Co. (DIS) $92.42 -2.46%
Goldman Sachs Group Inc. (GS) $802.89 -2.40%
American Express Co. (AXP) $292.27 -2.34%

S&P 500 - Risers

TripAdvisor Inc. (TRIP) $10.11 7.78%
Entergy Corp. (ETR) $109.88 6.82%
Brown Forman Corp. Class B (BF.B) $27.19 5.63%
Teleflex Inc. (TFX) $116.22 5.19%
Apache Corp. (APA) $44.39 5.11%
Halliburton Co. (HAL) $40.42 4.20%
Molson Coors Beverage Co. Class B (TAP) $43.40 3.56%
LyondellBasell Industries (LYB) $80.45 3.51%
Exxon Mobil Corp. (XOM) $170.99 3.36%
Celanese Corp. (CE) $63.41 3.04%

S&P 500 - Fallers

Meta Platforms Inc. (META) $525.66 -9.07%
Advanced Micro Devices Inc. (AMD) $201.99 -8.08%
Intel Corp. (INTC) $43.13 -7.20%
Alaska Air Group Inc. (ALK) $36.16 -7.16%
Ipg Photonics Corp. (IPGP) $115.70 -6.96%
Norwegian Cruise Line Holdings Ltd (NCLH) $18.49 -6.85%
Illumina Inc. (ILMN) $117.67 -6.72%
Align Technology Inc. (ALGN) $166.38 -6.35%
Synopsys Inc. (SNPS) $380.47 -6.21%
Global Payments Inc. (GPN) $65.90 -5.82%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $93.43 2.14%
Kraft Heinz Co. (KHC) $22.04 1.90%
Mondelez International Inc. (MDLZ) $58.27 1.15%
Costco Wholesale Corp. (COST) $983.86 0.80%
Dollar Tree Inc (DLTR) $107.00 0.79%
Cognizant Technology Solutions Corp. (CTSH) $59.73 0.26%
CSX Corp. (CSX) $39.67 0.25%
NetEase Inc. Ads (NTES) $109.26 0.18%
Hologic Inc. (HOLX) $75.67 0.11%
Adobe Systems Inc. (ADBE) $234.84 0.06%

Nasdaq 100 - Fallers

Meta Platforms Inc. (META) $525.66 -9.07%
Intel Corp. (INTC) $43.13 -7.20%
Illumina Inc. (ILMN) $117.67 -6.72%
Align Technology Inc. (ALGN) $166.38 -6.35%
Synopsys Inc. (SNPS) $380.47 -6.21%
Cintas Corp. (CTAS) $165.71 -5.80%
Lam Research Corp. (LRCX) $211.41 -5.61%
Starbucks Corp. (SBUX) $86.81 -5.58%
Applied Materials Inc. (AMAT) $337.17 -5.37%
Tesla Inc (TSLA) $361.83 -5.19%