FX.co ★ US Stocks Decline to YTD-Lows

US equities fell sharply on Friday as a weaker labor market intensified pressure on a market already focused on pro‑inflationary risks stemming from the conflict involving Iran. The S&P 500, Nasdaq 100, and Dow each declined about 1.5%.

Energy prices extended their gains for the week after major producers in the Persian Gulf cut output and tanker operators held back on taking deliveries. The resulting rise in benchmark credit costs dampened expectations for Federal Reserve rate cuts this year. The Fed may be forced to keep rates elevated despite fresh signs of labor market softening, with nonfarm payrolls unexpectedly declining by 92,000 in February.

Asset managers were in focus as emerging signs of stress in private credit loans undermined confidence in the sector’s resilience. Blue Owl dropped 6%, while BlackRock, Blackstone, and Bridgewater each fell about 4%. By contrast, Marvell jumped 15% after issuing strong guidance for the coming year.