Business
US Stock Market | S&P 500, Dow end lower as escalating Iran war sours risk appetite
Trade was choppy for much of the session as investors were caught in a tug-of-war over oil supply concerns. Iran continued to attack ships in the blockaded Strait of Hormuz, but OPEC assured markets that Saudi Arabia had ramped up production and the International Energy Agency (IEA) agreed to release 400 million barrels of oil from its strategic reserves.
The Dow logged the steepest percentage drop among the three major U.S. equity indexes, while chip manufacturers lifted the tech-heavy Nasdaq to a marginal, late-session gain.
The Labor Department’s Consumer Price Index (CPI) indicated that inflation remained moderate last month, matching analyst expectations.
Annual CPI growth is now within half a percentage point of the U.S. Federal Reserve’s 2% target. Still, markets shrugged off the report, as it predated the war on Iran, which has sent crude prices soaring and could stoke inflation. Inflation jitters mounted after Iran’s military command said the world should prepare for crude prices to hit $200 per barrel, more than double their current level.
“In such an uncertain environment, the markets and investors are kind of starving for any signal, in one direction or another,” said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “There have been these false or inaccurate reports, and the markets are swinging on that type of news.”
“It’s all about the consumer, and how the shock of a sustained increase in oil prices is going to affect the consumer’s pocketbook and their spending habits,” Keator added. The Fed is widely expected to let its key interest rate stand at its upcoming policy meeting, during which policymakers are likely to weigh the possibility of spiking prices against signs of a softening jobs market, a combination that raises concerns over potential stagflation.
“I think the word ‘transitory’ may come back,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “I think they’re probably more concerned about jobs than they are about inflation right now, the spike in oil notwithstanding.”
The Dow Jones Industrial Average fell 289.24 points, or 0.61%, to 47,417.27, the S&P 500 lost 5.68 points, or 0.08%, to 6,775.80 and the Nasdaq Composite gained 19.03 points, or 0.08%, to 22,716.14. Among the 11 major sectors of the S&P 500, consumer staples notched the largest percentage decline, while energy was the clear outperformer, rising 2.5% on rising crude prices.
Front-month WTI and Brent crude futures settled up 4.6% and 4.8%, respectively. Tech was also marginally higher, with a boost from Oracle, which provided better-than-anticipated revenue guidance on expectations that the artificial intelligence-related spending boom will extend through 2027. Its shares jumped 9.2%. JPMorgan Chase marked down the value of certain loans held by private-credit groups and is tightening its lending to the sector, a report said. Ares Management slid 4.8% and Apollo Global fell 1.9%. Campbell’s tumbled 7.1% after the packaged food company cut its annual forecasts and warned of increasing pressure in the second half from revised U.S. tariffs. Defense company AeroVironment dropped 6.3% after forecasting 2026 adjusted profit below estimates.
Declining issues outnumbered advancers by a 1.84-to-1 ratio on the NYSE. There were 71 new highs and 121 new lows on the NYSE.
On the Nasdaq, 1,960 stocks rose and 2,696 fell as declining issues outnumbered advancers by a 1.38-to-1 ratio.
The S&P 500 posted 2 new 52-week highs and 13 new lows while the Nasdaq Composite recorded 44 new highs and 112 new lows.
Volume on U.S. exchanges was 17.79 billion shares, compared with the 20.09 billion average for the full session over the last 20 trading days.
Business
Tax refunds may be delayed this filing season in several states
Social Security Administration Commissioner Frank Bisignano joins ‘Mornings with Maria’ to discuss record-high tax refunds, new tax breaks for working families and seniors and the federal government’s crackdown on fraud and scams ahead of Tax Day.
Taxpayers in several states may face delays in receiving their tax refunds this filing season amid changes in tax policies as well as the processes for filing returns.
Tax refunds are issued to taxpayers when the amount of taxes they paid over the course of the year is greater than the amount of liability based on their return after deductions or credits are applied. Refunds are issued by the IRS at the federal level, while state revenue agencies distribute refunds based on their policies.
This tax season’s refunds have been larger following the enactment of the One Big Beautiful Bill Act (OBBBA) at the federal level, which extended lower tax rates that were set to expire and also created new deductions that required the IRS and Treasury Department to implement new rules for handling them.
Several states have informed taxpayers that their state-level tax refunds may be delayed this tax season for a variety of reasons, including the need to update tax forms and systems to account for OBBBA’s changes at the federal level. Many taxpayers rely on the financial boost of a tax refund check to help shore up household budgets or for special expenses.
HOW TO AVOID TAX SCAMS THIS FILING SEASON

A couple works on their tax forms as tax season officially opens. (Getty Images)
Taxpayers in New York who filed early this tax season may face processing delays due to the timing of software updates that were installed in early February, which could leave some taxpayers in a “processing loop” according to a report by Kiplinger.
Federal tax policy shifts and the state of New York’s inflation refund checks that were disbursed late last year may not have been accounted for prior to the software update.
Idaho’s budget office announced last month that tax refunds may be delayed up to six weeks this filing season due to several factors.
The agency noted that Idaho cut the budgets of most state agencies in the last two years, which has left the state government with fewer temporary workers who can assist with processing tax returns. Idaho also enacted a law last month that retroactively added similar tax breaks from OBBBA to the state tax code, including the deductions for tipped income and interest on new car loans.
AMERICANS SEE BIGGER TAX REFUNDS SO FAR THIS YEAR AS FILING SEASON BEGINS AT A SLOWER PACE

Tax forms and filing software had to be updated after the OBBBA was enacted, as well as to account for state-level changes. (iStock)
Oregon announced that taxpayers who filed paper returns won’t see their refunds until early April because the state Department of Revenue won’t begin processing paper returns until the latter part of this month.
The agency said there was a delay in receiving tax forms from the IRS that pertained to tax law changes under OBBBA, while it also adopted some of the law’s policies at the state level, such as a larger standard deduction and a deduction for overtime pay.
Those changes have prompted changes to tax forms and the agency’s tax return processing systems for paper returns. Oregon’s Department of Revenue is encouraging taxpayers to file electronically this season to avoid delays.
HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS

President Donald Trump signed the One Big Beautiful Bill Act into law on July 4, 2025. (Tom Brenner For The Washington Post via Getty Images)
South Carolina taxpayers are facing complications after the legislature didn’t update some of its state-level tax provisions to account for the OBBBA, meaning some federal provisions are accounted for at the state level.
The discrepancy created issues with tax software programs trying to correctly calculate manual “add backs” of federal tax breaks on returns, which led to delays and may require some filers to submit an amended return.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Taxpayers in the District of Columbia may face refund delays due to Congress overturning a D.C. tax law that had created a divergence from OBBBA provisions in federal law. Those changes prompted a software update in February, which could require some filers to re-file their returns after forms have been revised.
Business
Which Aussie City Snagged the Top Place?
Time Out has released its annual 50 Best Cities in the World list, and for 2026, three cities in Australia made the cut.
In fact, one of these three Aussie cities has been declared the best city on the world. Can you guess what it is?
Melbourne is Time Out’s Best City in the World for 2026
Yes, you read that right. Melbourne is this year’s best city in the world, according to Time Out. It climbed up from its fourth-place finish last year.
“Melbourne’s coolest streets and neighbourhoods are filled with gems, from indie cinemas and rooftop bars to vinyl shops and quirky galleries,” said Time Out.
“And don’t let anyone tell you Melbourne is all personality over looks – we’ve got grand, heritage-listed buildings, laneways lined with colourful murals, world-class gardens and a river (the Yarra) that holds deep spiritual and cultural significance for local Indigenous communities,” it added.
Sydney Places 21st
Joining Melbourne on the list is Sydney, which ranks 21st on the list this year.
“Sydney is renowned for its natural beauty, but if you peel back the layers that make it one of the prettiest cities in the world – the harbour, beaches, bushwalks – you’ll find a trove of qualities that cement Sydney as one of the most exciting places, too,” Time Out said of the city.
Armed with green spaces and great food, Time Out says that any time is the best time to visit Sydney.
Adelaide Places 29th
Last and definitely not the least, Adelaide likewise made it to this year’s 50 Best Cities in the World list.
Time Out points out that Adelaide has been hailed as a “UNESCO City of Music” as well as a foodie destination thanks to its Central Market.
“Tucked between vine-laced hills and a wild stretch of coastline, this compact capital delivers big on dining, culture and pretty landscapes,” Time Out said.
Business
Former Boss chief Duncan Craib sues HotCopper for defamation
Former Boss Energy chief Duncan Craib has sued HotCopper after the forum operator allegedly refused to take down defamatory posts.
Business
Rupee hits record low of 92.35 vs dollar as oil surge pummels Asian assets
Brent crude oil prices climbed to $100 per barrel as Iran stepped up attacks on oil and transport facilities across the Middle East, warning the world to brace for oil at $200 a barrel.
The rupee fell 0.3% to 92.3575, eclipsing its previous lifetime low of 92.3475 hit earlier in the week.
India’s benchmark equity index Nifty 50 fell about 1%, the yield on the benchmark 10-year bond rose 4 bps, and the rupee averted a fresh record low largely on the back of central bank intervention, traders said.
Asian currencies weakened across the board, while MSCI’s gauge of regional stocks fell more than 1.5%.
“We expect the RBI to intervene in 92.30-92.35. However if Brent continues to remain elevated for a couple of sessions, the RBI may have to let the rupee go,” said Abhishek Goenka, chief executive at FX advisory firm IFA Global.
Business
Analysis-Airline hedging strategies fall short as jet fuel price surges

Analysis-Airline hedging strategies fall short as jet fuel price surges
Business
Air New Zealand to cut flights as fuel price surge wreaks havoc on travel

Air New Zealand to cut flights as fuel price surge wreaks havoc on travel
Business
Dow: Turnaround Is Taking Shape, But Much Of The Optimism Is Priced In
Dow: Turnaround Is Taking Shape, But Much Of The Optimism Is Priced In
Business
Modco founder Yusuf Khan pursued for $7m tax debt
The tax office is pursuing the founder of collapsed builder Modco Residential, Yusuf Khan, over almost $7 million in alleged unpaid taxes, interest and penalties.
Business
US firm buys Jera out of Gorgon, Icthys
Japan’s largest electricity producer has agreed to divest stakes in the Gorgon and Ichthys LNG projects to US-based MidOcean Energy for an undisclosed sum.
Business
Florida drought deepens strain on citrus industry as growers battle costs, disease

Florida citrus grows inside a protective screen in Bartow, Florida. (FOX News)
BARTOW, Florida – Florida is facing its worst drought in 25 years, intensifying pressure on a citrus industry already battered by disease, hurricanes and rising costs.
According to the U.S. Drought Monitor, 100% of the state is experiencing some level of drought, with more than 75% in extreme drought conditions. The dry spell is adding new financial strain for growers who rely heavily on irrigation to sustain crops.
Florida accounts for 17% of the nation’s citrus production, according to the Florida Department of Agriculture and Consumer Services. For many communities, the industry remains a key economic driver.
“There are multiple companies across our county and across our state, and it’s definitely a lifeline to a lot of Floridians here,” said Jennifer Schaal, VP of finance at Dundee Citrus Growers Association. “It’s what they depend on.”
USDA CREDITS TRUMP TRADE DEALS AS AGRICULTURAL DEFICIT SHRINKS, FARM SECTOR GAINS GROUND

Florida produces nearly 20% of the nation’s citrus crop, including grapefruit. (FOX News / Fox News)
However, nature has been anything but dependable for Florida farmers.
Back in 2000, the state’s citrus industry covered over 800,000 acres. Today, that figure has fallen to just over 200,000 acres, according to the U.S. Department of Agriculture, reflecting years of disease pressure and storm damage.
“The number one challenge the industry has had over the years is citrus greening disease,” said Steven Callaham, executive vice president and CEO of Dundee Citrus Growers Association. “And then on top of that challenge, we’ve experienced numerous hurricanes.”
RECENT HURRICANES CAUSE FLORIDA CITRUS PRODUCTION TO FALL AS FARMS WORK THROUGH DAMAGE
Recent freezes and now drought conditions have compounded those pressures.
“When you irrigate, it requires a pump that is either powered by diesel or it’s powered by electricity, and it gets very, very expensive,” explained Callaham.
Dundee Citrus Growers Association is one of the largest fresh fruit cooperatives in the state of Florida, harvesting citrus from over 10,000 acres.
“It’s been challenging over the last year,” added Bill Bohde, director of agronomy at Dundee Citrus. “During the bloom period, water is critical. It determines how well the fruit sizes and ultimately, you know, how large your crop will be.”

The Dundee Citrus Growers Association utilizes pods to grow citrus under a protective screen in Florida. (Amy Galo / Fox News)
As citrus acreage dwindles throughout the state, the company has found a solution to nature’s many obstacles with something called “CUPS,” or Citrus Under Protective Screens.
Orange groves are planted under 10-acre white tent structures, also known as pods. Originally installed to prevent disease in citrus plants, the structures are also helping growers better manage soil moisture during the historic drought.
CITRUS INDUSTRY HAS BEEN PUT ‘BACK ON ITS HEELS’: MATT JOYNER
“Everything is pumped through a series of pipes into this black tubing, and every tree has a very small emitter that puts, you know, puts out an amount of water,” explained Bhode.
The system allows for precise irrigation, creating a controlled environment that can support fruit production even during prolonged dry spells.

Citrus fruit plants thrive under a protective screen in Bartow, Florida. (Amy Galo)
“This ten-acre pod will produce between 8,000 and 10,000 boxes per pod,” said Callaham. “The trees in this environment, they’re happy. They grow faster than trees do in traditional outdoor groves, and they come into production quicker. So it’s one way that we can really get the industry back on track.”
USDA production data show mixed results across citrus categories. Florida lemon production increased 4% from last season, while tangerine and tangelo output was unchanged. Grapefruit production declined 8%, and non-Valencia orange production fell 2%, according to the agency.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“If I wasn’t optimistic, I would not be in the citrus business,” said Callaham. “So I think we have a lot of positives going for us right now, you know? The challenges we have are temporary. We’re going to make it through.”
-
Business6 days ago
Form 8K Entergy Mississippi LLC For: 6 March
-
Tech7 days agoBitwarden adds support for passkey login on Windows 11
-
News Videos3 days ago10th Algebra | Financial Planning | Question Bank Solution | Board Exam 2026
-
Fashion5 days agoWeekend Open Thread: Ann Taylor
-
Crypto World3 days agoParadigm, a16z, Winklevoss Capital, Balaji Srinivasan among investors in ZODL
-
Tech22 hours agoA 1,300-Pound NASA Spacecraft To Re-Enter Earth’s Atmosphere
-
Sports6 days ago499 runs and 34 sixes later, India beat England to enter T20 World Cup final | Cricket News
-
Politics6 days agoTop Mamdani aide takes progressive project to the UK
-
Business2 days agoExxonMobil seeks to move corporate registration from New Jersey to Texas
-
Sports4 days agoBraveheart Lakshya downs Lai in epic battle to enter All England Open final | Other Sports News
-
Sports4 days agoThree share 2-shot lead entering final round in Hong Kong
-
NewsBeat11 hours agoResidents reaction as Shildon murder probe enters second day
-
NewsBeat7 days agoPiccadilly Circus just unveiled ‘London’s newest tourist attraction’ and it only costs 80p to enter
-
Entertainment5 days agoHailey Bieber Poses For Sexy Selfies In New Luscious Lip Thirst Traps
-
Business3 days agoSearch for Nancy Guthrie Enters 37th Day as FBI Probes Wi-Fi Jammer Theory
-
Business22 hours agoSearch Enters Sixth Week With New Leads in Tucson Abduction Case
-
NewsBeat2 days agoPagazzi Lighting enters administration as 70 jobs lost and 11 stores close across Scotland
-
Tech3 days agoDespite challenges, Ireland sixth in EU for board gender diversity
-
Tech7 days agoACIP To Discuss COVID ‘Vaccine Injuries’ Next Month, Despite That Not Being In Its Purview
-
Business2 days agoSearch Enters 39th Day with FBI Tip Line Developments and No Major Breakthroughs
