Business
Dow Jones Falls 337 Points as Geopolitical Tensions and Surging Oil Prices Fuel Market Volatility
The Dow Jones Industrial Average dropped 337.36 points Friday, closing at 45,622.75 amid persistent worries over the U.S.-Iran conflict and a sharp rise in oil prices that heightened inflation concerns and clouded the outlook for Federal Reserve interest rate cuts.

The 0.73% decline extended recent losses for the blue-chip index, which has seesawed this week on mixed signals from the Middle East. Thursday’s steeper 469-point drop gave way to another session of selling pressure as hopes for a quick diplomatic resolution faded and energy costs climbed.
Broader markets also retreated. The S&P 500 fell roughly 1% in early trading before stabilizing somewhat, while the Nasdaq Composite faced heavier losses amid pressure on growth-oriented technology shares. The volatility index, known as Wall Street’s “fear gauge,” remained elevated as traders navigated headline risks.
Oil prices continued their recent surge, with West Texas Intermediate crude futures rising several dollars per barrel toward the $96-$98 range in recent sessions. Brent crude, the global benchmark, hovered near or above $100 in spots, driven by fears that prolonged tensions could disrupt supplies through the Strait of Hormuz, a critical chokepoint for global energy flows.
Analysts said the energy spike acts like a tax on consumers and businesses, potentially slowing economic growth while pushing inflation higher — a double blow that complicates monetary policy.
“Markets are reacting to the uncertainty of how long this geopolitical episode will last,” said one strategist. “A short conflict might be absorbed, but sustained high oil prices could force the Fed to stay cautious on rate cuts.”
Conflict Concerns Weigh on Sentiment
The U.S.-Iran standoff, which intensified in late February, has dominated market narratives. President Donald Trump has pressed for serious negotiations while extending deadlines, but Iranian responses have left diplomats and investors uncertain about de-escalation timelines.
Earlier in the week, fleeting optimism around possible ceasefires sparked brief rallies, only for doubts to trigger reversals. Friday’s session reflected that fragility, with energy-sensitive sectors showing relative strength while high-valuation tech names lagged.
Energy giants within the Dow 30 provided some cushion. Chevron Corp. and Exxon Mobil shares gained ground as higher crude prices boosted profit outlooks for producers. In contrast, consumer discretionary and technology components faced selling, with names like Amazon.com Inc. and Visa Inc. among the notable decliners.
Among the 30 Dow components, gainers were limited but included defensive or value-oriented names such as Verizon Communications Inc. and Walmart Inc. in some sessions. Losers spanned tech-exposed firms and financials sensitive to higher borrowing costs.
Trading volume stayed robust, signaling continued investor caution. Treasury yields edged higher, with the 10-year note approaching 4.4%, as markets priced in stickier inflation and fewer aggressive rate reductions this year.
Broader Economic Backdrop
The latest Dow Jones decline comes against a backdrop of resilient corporate earnings but mounting external risks. While many companies have posted solid results driven by artificial intelligence investments and consumer spending, geopolitical shocks have overshadowed fundamentals.
Economists warn that an “oil shock” of this magnitude could trim U.S. growth forecasts modestly in the near term. In a base case of temporary disruption, inflation pressures might peak quickly, allowing the Fed to deliver measured easing later in 2026. A more prolonged scenario, however, raises risks of slower expansion and delayed policy support.
Smaller companies tracked by the Russell 2000 have shown mixed resilience, sometimes outperforming on domestic focus, but they too felt Friday’s broader pressure.
Year to date, the Dow Jones remains below its early 2026 peak above 50,000 but well above its 2025 low near 36,600. The index is now roughly 9-10% off record highs, reflecting cumulative hits from trade policies, fiscal debates and now Middle East tensions.
The S&P 500 has logged one of its longer weekly losing streaks in recent years, underscoring sustained headwinds.
Sector Rotation and Investor Strategies
The market’s choppiness has prompted sector rotation. Energy stocks have periodically outperformed, benefiting from elevated commodity prices. Defensive areas such as consumer staples and health care have attracted flows seeking stability.
Technology, which powered much of the prior bull run, has been vulnerable due to high valuations and sensitivity to any growth slowdown or rise in discount rates.
“For long-term investors, this volatility highlights the value of diversification,” said portfolio managers. “Holdings in energy or quality large-caps with strong balance sheets may help buffer against energy-driven inflation, while avoiding overexposure to speculative growth plays.”
Technical analysts are watching key support levels on the Dow around 45,000-45,500. A break below could signal deeper correction territory, though many maintain the longer-term uptrend remains intact barring major escalation.
Gold and other safe-haven assets have climbed in recent sessions, while the U.S. dollar has held steady against major currencies.
Global Markets Reflect Caution
Overseas bourses mirrored U.S. unease. European indices closed lower, and Asian markets showed mixed results as traders weighed the same energy and conflict risks.
Shipping and insurance costs in global trade routes have risen, adding to supply chain concerns if tensions persist in the Gulf region.
International economists project global growth near 2.8% for 2026, with the U.S. potentially holding up better than some peers, but near-term energy shocks could force revisions.
Outlook and What to Watch
As trading continues into next week, investors will scrutinize any fresh developments from Washington and Tehran. Oil futures movements will serve as a real-time barometer of supply disruption fears.
Upcoming U.S. economic data — including inflation readings, employment figures and consumer spending — will gain added importance. Stronger-than-expected inflation could further dampen rate-cut expectations.
Corporate earnings season winds down, but forward guidance from major firms will be parsed for mentions of energy costs or geopolitical impacts.
Analysts remain divided on the near-term path. Some view the pullback as a healthy correction within a bull market supported by innovation and solid fundamentals. Others caution of additional downside if oil stays elevated or conflict widens.
Citi and other firms have recently trimmed U.S. equity exposure, citing risks of no swift resolution.
For individual investors, the message is one of patience and risk management. Dollar-cost averaging into diversified portfolios, maintaining cash buffers for opportunities and avoiding emotional reactions to daily headlines can help navigate such periods.
The Dow Jones Industrial Average, despite its price-weighted limitations and focus on just 30 companies, continues to serve as a widely watched symbol of American economic health. Its recent performance captures the tug-of-war between underlying resilience and external shocks.
Traders and long-term holders alike will monitor not only the headline index level but also shifts in sector leadership, bond yields and commodity trends that could shape market direction through the remainder of 2026.
Business
MPLX: A Sound Growth Story Irrespective Of Iran Headlines
MPLX: A Sound Growth Story Irrespective Of Iran Headlines
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Budget won't be bonanza for cutting red tape: minister
Business groups have urged the government to cut a raft of regulations ahead of the federal budget, but the finance minister says changes have to make sense.
Business
China leaves lending benchmarks unchanged for 11th month in April

China leaves lending benchmarks unchanged for 11th month in April
Business
IPOs could raise up to $25 billion in 2026, too, despite D-St caution
“The number of deals may come down, but the size and aggregate value may still be similar (to the previous years),” said Davda in an interview.
Reliance Industries’ telecom arm Jio Platforms, National Stock Exchange, Zepto, PhonePe, Manipal Hospitals and and SBI Funds Management are among the large issuances expected to hit the market in 2026. Together, these issues could raise ₹1 lakh crore (about $10.8-10.9 billion).
So far this year, 20 companies have raised $2.5 billion, according to Prime Database and ETIG Database. That comes after two record years that saw 94 and 115 mainboard IPOs in 2024 and 2025, raising nearly $21-23 billion.
This year’s IPO fundraise could be between $21 billion and $25 billion.
“This year, a larger percentage of companies are mid to large-sized,” said Davda. “Many of these are backed by large groups or private equity investors and, therefore, have the flexibility to wait, ride volatility, and avoid pressing forward if valuations are not aligned.”
The early part of this year has been slower for the IPO market, with the West Asia conflict weighing on secondary markets, IPO subscriptions and listing gains, prompting several companies to defer offerings. “This year will be volatile. Windows to complete trades will be shorter, so readiness is critical,” Davda said.
At the same time, companies that need capital are showing more willingness to negotiate.
Issuers are increasingly tapping AIFs, family offices and special situations funds alongside traditional investors, while using pre-IPO placements as a bridge to raise capital with visibility to a listing over the next 6-18 months, he said. According to Davda, technology faces sharper scrutiny amid AI disruption, global uncertainty and profitability concerns, though large consumer-tech and fintech offerings are still likely to proceed as “must-own” India exposures.
Business
Janus Living: Valuation Seems To Have Priced In Near-Term Upsides (NYSE:JAN)
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Business
FMCG sector set for steady Q4 on rural demand and volume growth
Hindustan Unilever is expected to report mid-single digit revenue growth led by 4-5% volume growth. Growth is expected to be broad-based, with beauty and wellbeing growing in double-digits, while home care, personal care and foods & beverages are likely to grow in mid-single digits. The demerger of low-margin ice cream business may support operating margin before depreciation and amortisation (Ebitda margin).
ITC may show pressure in the cigarettes segment amid flat volume and higher taxes while displaying resilience in non-cigarette segments. The FMCG and agriculture related business is expected to remain robust, while paperboards business may grow in single digit. The margin for the cigarettes business is likely to contract amid rising leaf tobacco costs and limited pricing hikes.
AgenciesBooks & MARKS HUL, Nestlé and Britannia set for volume-led growth; high tax on cigarettes may weigh on ITC; Dabur may report modest int’l revenue
Nestle India’s consolidated revenue growth is expected to be in double-digits, led largely by volumes in the domestic market while exports may show recovery on a weak base. Normalisation is expected after GST-related disruptions in the previous quarter. However, margin is likely to contract on account of high inflation in the coffee segment.
Asian Paints is likely to report better volume growth for the domestic decorative paints segment on a weak base. Upcoming price increase may boost channel restocking thereby aiding primary sales. International business may be subdued due to the Middle East disruption. Margins are likely to improve on stable raw material prices during the quarter, with the impact of recent crude inflation expected to be limited for the March quarter.
Varun Beverages is expected to report high-single digit revenue growth in the March quarter, with international markets likely to drive momentum through high double-digit volume growth. Ebitda margin is likely to contract, partly due to upsizing in India and ramp-up of snacks in Africa.
Britannia Industries may report double-digit revenue growth led by high-single digit volume expansion due to higher grammage in low-unit packs, which account for about two-third portion of sales. Margins are likely to improve supported by stable raw materials prices, especially in January and February. Dabur India is expected to post modest revenue growth, driven by mid-single digit volume growth in the domestic business. However, its international operations, particularly the Middle East and North Africa (MENA) region, which contributes around 8% of revenue may remain weak amid geopolitical tensions. Within domestic categories, home and personal care is expected to deliver double-digit growth, while healthcare and foods may see low single-digit expansion.
Colgate-Palmolive India is expected to report low single-digit volume growth on a weak base, after three consecutive quarters of declines. The margin could contract due to higher promotions and advertisement spends.
Business
Oil claws back losses as Strait of Hormuz is closed again
Brent crude futures jumped $6.11, or 6.76%, to $96.49 a barrel by 2327 GMT and U.S. West Texas Intermediate was at $90.38 a barrel, up $6.53, or 7.79%.
The U.S. military had seized an Iranian cargo ship that tried to run its blockade, U.S. President Donald Trump said on Sunday, while Iran said it would not participate in a second round of peace talks despite Trump’s threat of renewed airstrikes.
The United States has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade of the Strait, which handled roughly one-fifth of the world’s oil supply before the war began almost two months ago.
“Oil markets continue to gyrate in response to oscillating social media posts by the U.S. and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion,” Saul Kavonic, MST Marquee’s head of research, said.
Both contracts posted on Friday their largest daily declines since April 18 after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and Trump said Iran had agreed to never close the strait again.
“The announcement of the Strait opening proved premature,” Kavonic said. “Ship owners will be twice shy about heading towards the Strait again without receiving much more confidence that any announced passage is real.”
More than 20 ships passed the strait on Saturday carrying oil, liquefied petroleum gas, metals and fertilizers, Kpler data showed, the highest number of vessels crossing the waterway since March 1.
Business
Global Market Today: Oil jumps, stocks wobble as Mideast ceasefire hangs in the balance
The ceasefire in the Iran war, due to run until Tuesday, was in doubt after the U.S. seized an Iranian cargo ship and Tehran’s top military command vowed to retaliate.
Iran has re-imposed its de facto closure of the Strait of Hormuz, though Kpler data showed that more than 20 vessels carrying oil products, metals, gas and fertiliser passed through it on Saturday, the busiest day for the chokepoint since March 1.
Brent crude futures jumped about 6% to $96 a barrel in early Asia trade. The dollar, which sold off sharply on Friday when the strait briefly opened, rose slightly.
S&P 500 futures fell around 0.7%, a modest move considering the index notched a record closing high on Friday. Asia-Pacific markets were mixed, with Australia’s S&P/ASX 200 down 0.5% and Japan’s benchmark Nikkei up 0.7%.
Bond markets, which rallied on Friday, retreated.
“The headlines look bad; it looks like there’s disagreement … which has led to a little bit of re-escalation,” said Damien Boey, portfolio strategist at Wilson Asset Management in Sydney. “But I think, ultimately, both sides want to be able to do a deal – that’s part of the reason why the market’s optimistic and not selling off too much.”
Iran rejected new peace talks with the U.S., its state news agency reported on Sunday, hours after U.S. President Donald Trump said he was sending envoys for talks in Pakistan and would launch new strikes on Iran unless it accepts his terms.
FOCUS ON HORMUZ
In forex news, the euro was down 0.1% at $1.1735 and the yen eased around 0.3% to 159 per dollar, while the Australian and New Zealand dollars fell slightly.
Bonds likewise partially retraced Friday moves, with benchmark 10-year U.S. Treasury yields, which had fallen 6.5 basis points on Friday, rising by 3.2 bps to 4.276%.
Investors sold fixed income assets through March in anticipation of higher oil prices driving inflation – something they have tempered a little in recent weeks.
“Our base case (AKA guess) is still resolution to the war. Trump is still focused on November midterm elections,” said Paul Chew, head of research at Singapore’s Phillip Securities in a note to clients.
Wall Street indexes touched record highs on Friday, supported by expectations of robust first-quarter earnings, the bulk of which come this week. China is expected to hold benchmark lending rates steady on Monday.
British inflation data, U.S. retail sales and European purchasing managers’ index figures are due later in the week, though much of markets’ focus will be on Gulf shipping.
“The critical barometer of geopolitical risk has been distilled into one data point: The number of ships transiting the Strait of Hormuz,” said Bob Savage, head of markets macro strategy at BNY.
“Peace talks matter, but the immediate focus is on oil and other supply shortages driving inflation.”
Business
National Australia Bank flags $503 million impairment hit on Mideast volatility

National Australia Bank flags $503 million impairment hit on Mideast volatility
Business
Omkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss
The all-cash deal, valued at about ₹1,200 crore, involves a transfer of stressed debt between asset reconstruction platforms and investors. It was closed in March. The exposure dates back to 2018, when Edelweiss ARC, in partnership with Oaktree and other investors, had acquired nearly 90% of GTL Infra’s loans, then valued at around ₹4,000 crore.
The telecom tower company had defaulted on debt exceeding ₹11,000 crore, triggering multiple restructuring efforts over the years.
People familiar with the latest transaction said Edelweiss had put the exposure on the block as its fund lifecycle neared maturity, prompting a takeout by Omkara.
“This is a 100% cash deal between ARCs. Edelweiss exited and we acquired the exposure,” an executive at one of the firms said on condition of anonymity.
Investors are betting on improved recovery prospects this time. “The underlying business is more or less stable now. The towers are operational, and that improves the chances of recovery,” the person said.
Omkara is understood to be targeting an exit over the next two years, either through asset sales or a negotiated settlement. “The idea is to close the account in about two years-through sale of assets or other recovery mechanisms,” the person added. Omkara and Edelweiss ARC spokespersons did not respond to requests for comment until press time Sunday.
In 2018, after a steep revenue and Ebitda decline following the exit of key clients including Aircel, RCom and Tata Teleservices, GTL Infrastructure sought to deleverage, with lenders assigning 79.34% of its ₹3,226-crore debt to Edelweiss ARC. The firm submitted multiple restructuring proposals from April 2018 onward, expecting a swift resolution, but lenders did not act on these plans and some retained their exposure.
In November 2022, the National Company Law Tribunal (NCLT) rejected a plea by Canara Bank to initiate insolvency proceedings, ruling that the company remained a viable going concern and did not meet the threshold for admission under the bankruptcy code.
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