Live Nasdaq Composite: Markets Tank as Oil Soars on Mideast Fatigue
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Netflix (NFLX) is raising U.S. subscription prices by up to $2 monthly across all tiers, with the premium plan now at $26.99, while extra member fees are also climbing. Cybersecurity stocks including CrowdStrike (CRWD), Palo Alto Networks (PANW), and Zscaler (ZS) are declining after reports that Anthropic’s new Claude Mythos AI model poses unprecedented cybersecurity risks, with markets interpreting this as potential displacement of traditional security tools. AstraZeneca (AZN) shares jumped 4% after its Tozorakimab drug succeeded in two late-stage COPD trials.
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Ongoing Iran conflict and Strait of Hormuz disruptions are driving geopolitical risk across markets, pushing Brent Crude toward $111/barrel and keeping stock indices down with the S&P 500 headed for its fifth consecutive week of losses.
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Volatility Soars
Stock market volatility is soaring, with the CBOE Volatility Index (VIX) index up over 5% today. The VIX, also known as the market’s “fear gauge,” is rising despite the White House’s attempts to calm sentiment with a ceasefire.
Dow Doom
The Dow Jones Industrial Average is now in danger of entering correction territory. The index is losing another 350 points today and is down a steep 5.1% year-to-date. Tech stocks in the Dow include Amazon (Nasdaq: AMZN), down 3% today, Apple (Nasdaq: AAPL), up fractionally today, Microsoft (Nasdaq: MSFT), down 1.7% today, among others.
Tech Tie-Up Prediction
Wedbush is floating a blockbuster scenario, a merger between Tesla (Nasdaq: TSLA | TSLA Price Prediction) and SpaceX as soon as 2027, as the ties between Elon Musk’s two crown jewels continue to deepen. If it happens, it would create one of the most unique corporate combinations in history, spanning electric vehicles, autonomous driving, rockets and satellite internet under one roof. Musk reportedly plans to give retail investors a bigger slice of the deal than the typical Wall Street playbook allows.
Here’s a look at where things stand as of morning trading:
With no clear end to the Mideast turmoil in sight, and the Strait of Hormuz still complicating oil shipments, stocks are continuing their downtrend in this headline-driven market. All three of the major stock market averages are lower out of the gate, including the Nasdaq Composite, which is eyeing a 2% drop on the week. The Nasdaq 100 (QQQ) is eerily close to correction turf. Meanwhile, the S&P 500 is headed for its fifth consecutive week of losses.
Oil is surging as the Iran conflict shows no signs of letting up, with attacks ongoing and traffic through the Strait of Hormuz largely stalled. Brent Crude oil is closing in on $111 a barrel and WTI has topped $96, putting March on pace for a record monthly gain.
The 30-year Treasury yield climbed to 4.986%, its highest level since September, yet another sign that bond markets are expecting a interest rates to remain high for a while, even as the Iran conflict keeps investors on edge.
Dow Jones Industrial Average: 45,602 Down 0.78%
Nasdaq Composite: 21,252 Down 0.73%
S&P 500: 6,440 Down 0.53%
Market Movers
Netflix (Nasdaq: NFLX) is raising prices across all U.S. plans, with monthly fees climbing by up to $2, from the ad-supported tier at $8.99 all the way up to the premium plan, now $26.99. Extra member fees are going up too, so the days of cheap password sharing just got a little more expensive. (reword: “KeyBanc Reiterates $NFLX at Overweight, PT $108”
Cybersecurity stocks are taking a hit after a reported leak revealed Anthropic is testing a new AI model called “Claude Mythos,” one the company believes poses unprecedented cybersecurity risks. CrowdStrike (Nasdaq: CRWD), Palo Alto Networks (Nasdaq: PANW), Zscaler (Nasdaq: ZS), and the iShares Expanded Tech-Software ETF (NYSE: IGV) are all trading lower on the news. The market may have interpreted the news as AI eventually replacing traditional cybersecurity tools rather than requiring more of them
Google (Nasdaq: GOOGL) is making it easier to ditch the competition, releasing new Gemini AI tools that let users import their chat history and context from rival AI apps, according to Bloomberg
AstraZeneca (Nasdaq: AZN) shares jumped as much as 4% after its experimental lung disease drug Tozorakimab pulled off something a couple of its competitors couldn’t, and that’s succeeding in two late-stage clinical trials targeting chronic obstructive pulmonary disease. The win caught analysts off guard, with Jefferies calling it a notable shift in sentiment.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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