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Informist, Friday, Mar. 13, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices tumble on surge in crude prices; bk stocks big drag

 

MUMBAI--0730 IST--US indices closed lower Thursday as developments in the US-Iran conflict showed little signs of relenting. All major indices tumbled, closing roughly 2% lower as crude oil prices climbed higher for the third consecutive session after comments made by Iran regarding the Strait of Hormuz. The Dow Jones Industrial Average ended at its lowest level in a month, slipping below 47000 points. On Thursday, three more ships were attacked in the strait, exacerbating anxieties about a prolonged conflict in West Asia.

 

The fall in the stocks of banks and technology companies was a drag on the indices after Morgan Stanley limited withdrawals of private credit funds. Morgan Stanley's private income fund received redemption requests totalling 10.9% of outstanding shares in the first quarter. The fund said it would honour only 5% of requests received amounting to $169 million, CNBC reported. On Thursday, shares of Morgan Stanley fell 4%. Shares of other major players in the financial services space also fell, with Blackstone, Apollo, and KKR down over 1?ch, according to CNBC. 

 

On Thursday, prices of crude oil futures rose 9?ter Iran's Supreme Leader Mojtaba Khamenei said in a statement read on state television that the Strait of Hormuz would remain shut as "a tool to pressure the enemy". He warned that all US bases in West Asia should be shut immediately, Reuters reported. On Wednesday, an official from Iran warned that prices of oil could climb to $200 per barrel. 

 

Following are the closing levels of US indices Thursday:

 

Index	Level	Change in %
S&P 500	6672.62	(-)1.52
NASDAQ Composite	22311.98	(-)1.78
Dow Jones Industrial Average	46677.85	(-)1.56

 

(Shruti Nair)

 

US$1 = INR 92.19

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Tanima Banerjee

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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