Major U.S. stock markets began Friday trading with significant declines as investors grappled with dual concerns: escalating Middle East conflicts that could drive up energy prices and unexpectedly poor employment data for February.
At the opening bell, the Dow Jones Industrial Average dropped 320.2 points, representing a 0.67% decline to 47,634.55. The broader S&P 500 index fell 61.7 points or 0.90% to reach 6,769.03, while the technology-heavy Nasdaq Composite experienced the steepest drop, falling 327.8 points or 1.44% to 22,421.172.
Investors are concerned that ongoing tensions in the Middle East could lead to higher energy costs, which would contribute to inflationary pressures across the economy. These worries were compounded by February jobs data that revealed the economy lost jobs when growth had been anticipated.
