Nasdaq drops 2% amid Iran tensions and rate fears; Micron surges (live)

Market Volatility and Investor Sentiment

Major stock indexes experienced a significant decline on Friday afternoon as Wall Street reacted to ongoing tensions between the U.S. and Iran, alongside weakening consumer sentiment. The S&P 500 and the Nasdaq composite faced their fifth consecutive week of losses, while oil prices continued to rise. Investors were also concerned about potential rate hikes by the Federal Reserve due to rising inflation expectations.

The Dow Jones Industrial Average fell further into negative territory, with a drop of over 770 points, or 1.7%. The Nasdaq composite plummeted 2.1%, driven by declines in big tech stocks as investors anticipated a possible rate hike. The Nasdaq has fallen more than 10% from its all-time high, entering an intermediate-term correction phase. The S&P 500 and Russell 2000 also saw declines of 1.6%.

Consumer sentiment, according to the University of Michigan’s survey, weakened in March, dropping to 53.3 from 55.5 in February. This was more severe than the expected 54.3. The report highlights growing concerns among consumers, which could influence economic trends and market behavior.

As the first quarter of 2026 draws to a close, the Dow components are set to finish the month nearly 6% lower. The Nasdaq is expected to face a deeper loss of around 10%, while the S&P 500 is projected to slide by 7%. The Dow is nearing correction territory from its record close of 50,188.14.

Memory Stocks and Gold Performance

Micron (MU) and other memory chip stocks rebounded after a recent sell-off. Micron was on track to break a six-day losing streak, but the stock triggered multiple sell signals due to a drop of over 7% below its buy point of 455.50 and undercutting its base. It is also trading below its 50-day moving average. Seagate Technology (STX) extended its losses, while Western Digital (WDC) found support at its 50-day moving average.

Gold stocks began to recover after recent declines. The precious metal rose nearly 3% to around $4,492 an ounce. Kinross Gold (KGC), AngloGold Ashanti (AU), and Agnico-Eagle Mines (AEM) each rose more than 2%, although they remain well below their 50-day moving averages.

Blue-Chip Gainers and Losers

Among blue-chip stocks on the Dow, Chevron (CVX) rose nearly 2%. However, tech stocks like Amazon (AMZN), Salesforce (CRM), and Cisco Systems (CSCO) fell by nearly 3% or more. In the healthcare sector, Merck (MRK) and Johnson & Johnson (JNJ) posted gains of over 1%, while UnitedHealth (UNH) fell more than 4%.

Other blue-chip gainers included Walmart (WMT), 3M (MMM), Coca-Cola (KO), and Procter & Gamble (PG), each rising roughly 1%.

Medical Stock News

AstraZeneca (AZN) surged nearly 4% after positive results from its phase 3 trial for a lung disease treatment. However, the stock hit resistance at its 50-day moving average. Novartis (NVS) dipped slightly after announcing an agreement to acquire Excellergy, extending its portfolio of allergy drugs. The deal is valued up to $2 billion with additional milestone payments.

Entergy Soars Amid Contract Expansion

Entergy (ETR) was the best performer in the S&P 500, jumping nearly 8% after expanding its Louisiana data center power contract with Meta Platforms (META). WTI crude oil futures rose nearly 4% to $98.10 a barrel, while Brent oil climbed to over $111 a barrel. The 10-year Treasury yield remained unchanged at 4.41%.

Market Movements and Earnings Reports

Sociedad Quimica (SQM) jumped 6% as it entered a nine-week consolidation. WaterBridge Infrastructure (WBI) gained 4.5% despite its volatile nature. AstraZeneca (AZN) rose 3.5% after meeting primary endpoints in its phase 3 trial. Unity Software (U) surged over 10% after raising its first-quarter EBITDA guidance.

Sandisk (SNDK) rose nearly 4%, bouncing off its 50-day moving average. Western Digital (WDC) also found support, rising 1.5%. Argan (AGX) surged over 30% after strong earnings, beating analyst expectations.

Nasdaq-100 and Dow Jones Performance

Western Digital (WDC) and Micron Technology (MU) rallied 2.5% and 2.3%, respectively, as some of the best performers in the Nasdaq-100 index. Meanwhile, Datadog (DDOG) and Palo Alto Networks (PANW) fell by roughly 6% in morning trading.

Coca-Cola (KO) and McDonald’s (MCD) logged modest gains in premarket trading. Caterpillar (CAT), Goldman Sachs (GS), and Microsoft (MSFT) fell roughly 1% each before the market opened.

U.S.-Iran Tensions and Market Impact

Late Thursday, President Trump delayed his attack on Iran’s power plants by 10 days, citing ongoing talks. Two Chinese container ships attempted to pass through the Strait of Hormuz but turned back. Iran reported turning back three container ships.

Argan (AGX) surged over 10% in premarket trading after reporting strong earnings. Carnival (CCL) dropped nearly 2% in early morning action.

Consumer Sentiment Report and Market Outlook

The University of Michigan’s consumer sentiment reading was due at 10 a.m. ET, with expectations of a drop to 54.3 from 55.5. Inflation expectations for the year ahead were measured at 3.4% in the preliminary report.

Natural gas stocks showed strong performance, with one stock igniting a breakout. The AI sector continues to be influenced by Middle East turmoil. Investors are advised to follow market analysts for insights on growth stocks and market trends.