Stocks tumble as Wall Street nears longest losing streak in nearly 4 years
Stocks are heading for a fifth straight weekly loss as oil prices climb and mixed signals on Iran raise fears about inflation and growth.
Updated on: March 27, 2026 / 11:43 AM EDT / CBS News
Stocks tumbled Friday as Wall Street was headed for a fifth straight weekly decline, its longest such stretch in nearly four years. The losses come a day after U.S. markets suffered their worst drop since the Iran war began Feb. 28.
The S&P 500 slumped 55 points, or 0.85%, to 6,422 in late-morning trading, while the Dow Jones Industrial Average shed 371 points, or 0.8%, to 45,589. The tech-heavy Nasdaq declined 1.3%.
The S&P 500 has dropped back to its level in August and is 8% below its all-time high set earlier this year.
Investors are unsettled by surging crude oil prices and conflicting messages from U.S. and Iranian leaders. President Trump says he extended his deadline for Iran to reopen the Strait of Hormuz because negotiations to end the war are "going very well," while Iran has denied any direct talks and continues its blockade of the vital waterway in the Persian Gulf.
"Each time the conflict intensifies, oil spikes, stocks fall, and yields rise. Each time there is even a hint of restraint, those moves reverse," said Nigel Green of investment firm deVere Group in an email. "The pattern now seems firmly established."