Global Markets: U.S. stocks decline for five consecutive weeks, NASDAQ drops over 2%, gold, silver, and crude oil all rise.

U.S. Stock Market: All three major U.S. stock indices closed down on March 27. At the close, the Dow Jones Industrial Average fell 793.47 points from the previous trading day, closing at 45166.64 points, a decline of 1.73%; the S&P 500 index dropped 108.31 points, closing at 6368.85 points, a decline of 1.67%; the Nasdaq Composite Index fell 459.72 points, closing at 20948.36 points, a decline of 2.15%. For the week, the Dow is down 0.90%, the Nasdaq is down 3.23%, and the S&P 500 is down 2.12%, marking five consecutive weekly declines for all three indices. In news, Iran claims that Israel and the U.S. attacked its nuclear facility, which has a heavy water reactor, and there is currently no risk of radiation leakage; earlier reports indicated that U.S. and Israeli airstrikes targeted an Iranian steel mill and its associated power plant.

Large tech stocks fell broadly, with Meta and Amazon down nearly 4%, Tesla, Google, and Microsoft down over 2%, Apple down over 1%, and Netflix slightly up. Chip stocks showed mixed performance, with storage-related stocks rebounding; SanDisk rose over 2%, Western Digital, Micron Technology, and Seagate Technology saw slight increases; ARM fell nearly 7%, Qualcomm, Broadcom, Intel, and Nvidia dropped over 2%.

Oil, gas, and gold stocks rose broadly, with Halliburton up over 4%, U.S. Energy up nearly 2%, and Occidental Petroleum up over 1%; Kinross Gold and AngloGold Ashanti rose over 4%, and Harmony Gold climbed nearly 3%.

Bitcoin dropped below $67,000, and cryptocurrency-related stocks fell broadly, with Coinbase down over 7%, Circle down over 4%, MARA Holdings down over 6%, and Strategy down over 5%.

Banking, shipping, quantum computing, and drone-related stocks fell across the board, with Citibank down over 4%, JPMorgan down over 3%, Morgan Stanley down nearly 3%, and Bank of America, Goldman Sachs, and Wells Fargo down over 2%. Norwegian Cruise Line and JetBlue Airways fell over 6%, Southwest Airlines fell over 5%, and United Airlines fell over 4%. Quantum down over 10%, IonQ down over 7%. Vertical Aerospace down over 13%, Unusual Machines down over 12%.

Most popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index down 1.90%, WeRide down nearly 9%, Pony.ai down nearly 6%, Kingsoft Cloud down over 5%, NIO, Huya down over 4%, XPeng Motors, Bawang Chaji, Trip.com, iQIYI down over 3%, Alibaba down over 2%.

European Stock Market: The three major European indices closed down on March 27. The London Stock Exchange’s FTSE 100 index closed at 9967.35 points, down 4.82 points from the previous trading day, a decline of 0.05%; the Paris Stock Exchange’s CAC40 index closed at 7701.95 points, down 67.36 points from the previous trading day, a decline of 0.87%; the Frankfurt Stock Exchange’s DAX index closed at 22300.75 points, down 312.22 points from the previous trading day, a decline of 1.38%.

Commodity Market: International oil prices rose on March 27. At the close, the NYMEX WTI crude oil futures for the current month rose by $6.70, closing at $101.18 per barrel, an increase of 7.09%. COMEX gold futures for the current month rose by $113.40, an increase of 2.59%, closing at $4489.7 per ounce. COMEX silver futures for the current month rose by $1.84, an increase of 2.70%, closing at $69.77 per ounce. Spot gold rose by $113.93, an increase of 2.60%, closing at $4492.74 per ounce. Spot silver rose by $1.74, an increase of 2.56%, closing at $69.71 per ounce.

Overnight News

Iran Claims Israel and U.S. Attacked Nuclear Facility with Heavy Water Reactor

On March 27 local time, Iranian sources reported that Israel and the United States attacked Iran’s Houndab nuclear facility, which houses a heavy water reactor. The deputy governor for political security in Iran’s Central Province stated that the Houndab heavy water complex was attacked in two phases by the U.S. and Israel.

Iranian Officials Consider Withdrawing from the Nuclear Non-Proliferation Treaty

On March 27 local time, Ibrahim Rezaei, spokesperson for the Iranian Parliament’s National Security and Foreign Policy Committee, stated on social media that it is “meaningless” for Iran to continue as a member of the Nuclear Non-Proliferation Treaty, as it has not brought substantial benefits to Iran. Rezaei pointed out that the treaty has not protected Iran from attacks by nuclear powers and has instead led to multiple attacks on Iran’s nuclear facilities, with international documents and agreements being completely ignored.

U.S. Secretary of State: Military Actions Against Iran Expected to Last 2 to 4 Weeks

U.S. Secretary of State Rubio, attending the G7 Foreign Ministers’ Meeting in France, stated on the 27th that military actions against Iran are expected to conclude in due course, “we’re talking weeks, not months.” According to a report from Axios on social media, Rubio mentioned at the foreign ministers’ meeting that the conflict is expected to continue for “2 to 4 weeks.”

U.S. Secretary of State: Achieving Military Objectives Against Iran Does Not Require Ground Troops

U.S. Secretary of State Rubio stated on the 27th that the U.S. can achieve its military objectives against Iran without deploying ground troops.

Global Memory Stocks Hit Hard by Google’s New Algorithm; Mizuho: This is an Opportunity!

This week, global storage stocks faced a blow from Google’s new algorithm, causing collective anxiety among investors. However, Mizuho tech expert Jordan Klein believes that the current pullback in memory stocks is more of a “buying opportunity” rather than a turning point in stock prices.

Anthropic’s “Myth” Model Unexpectedly Exposed; Cybersecurity Sector Falls, Wall Street Confused

Fear in the U.S. stock market regarding “AI disrupting existing economic models” has reached a panic level. After the market opened on Friday, the cybersecurity sector collectively fell. CrowdStrike, Palo Alto Networks, and Zscaler all saw declines exceeding 5%, while Cloudflare dropped over 3%. The Global X Cybersecurity ETF fell over 6%, bringing its year-to-date decline to 20%. Last month, the sector and broader software services companies experienced a significant drop due to the release of Anthropic’s new AI tool.

Aviation Fuel Prices Double in Just One Month; A Global “Flight Crisis” is Emerging

Even far from the battlefield in the Middle East, the consequences of blockages in the global “energy artery” are sparking a worldwide aviation crisis. As of the time of writing, airlines from Vietnam to New Zealand have begun canceling flights due to a shortage of aviation fuel, and the EU and the UK may find themselves in a similar situation in a few weeks. Even the largest oil-exporting country, the U.S., has seen its airlines cancel some loss-making routes due to high fuel prices.

U.S. Consumer Confidence Falls to Three-Month Low; Even the Wealthiest Are Hit by Stock Market Plunge

Due to escalating inflation concerns from the Middle East conflict and a shadow cast over economic prospects, U.S. consumer confidence fell more than expected in March, reaching its lowest level in three months. Data from the University of Michigan released on Friday showed that the final consumer confidence index for March dropped to 53.3, down from 55.5, marking the lowest level since December of last year, while the expected value was 54.

“Dr. Doom” Rubini: Trump More Likely to Escalate the Situation with Iran Rather Than Back Down

Renowned economist Rubini, known as “Dr. Doom,” recently stated that President Trump is more likely to choose to escalate actions in the conflict with Iran to achieve victory rather than back down and risk losing economic and regional influence. This former White House economic advisor stated in an interview at an economist and business leader conference on Friday: “My baseline judgment is that the probability of conflict escalation is over 50%. The likelihood of failure after escalation is lower than the likelihood of victory after escalation, but it remains a highly risky choice.”

War Rewrites Forex Script; Dollar Strongly Rebounds, Achieving Its Strongest Performance in Nearly Eight Months

As the Middle East conflict disrupts Wall Street’s existing judgments about the global dominant reserve currency, the dollar is poised to achieve its best monthly performance since last July. So far, the dollar index has risen about 2.4% in March, marking the best monthly performance since July 2025, primarily supported by inflows into safe-haven assets, war-driven increases in energy prices, and a market reduction in expectations for a Federal Reserve interest rate cut.

Economists Warn: Middle East Conflict Rapidly Impacts Fertilizer Supply Chain; Global Food Prices Face Upside Risks

Economists have recently warned that the current U.S.-Israel-Iran conflict has triggered one of the most rapid and severe impacts on global commodity flows in recent years, leading to soaring natural gas prices and tightening fertilizer supplies, putting increasing pressure on farmers worldwide. The fertilizer shortage is further threatening the livelihoods of farmers in developing countries, which are already affected by rising temperatures and abnormal weather, potentially leading to increases in global food prices.

Dow CEO Warns: Shortages of Petrochemical Products Caused by the Iran War May Drive Up Inflation for the Year

Jim Fitterling, CEO of American chemical giant Dow, warned that as the Iran war causes shortages and price surges for petrochemical products, inflation effects may arise for the remainder of the year, impacting multiple industries including construction materials, consumer goods, automotive, and aerospace. Fitterling attended the S&P Global CERAWeek conference in Houston, noting that as Iran blocks the Strait of Hormuz, current global supply disruptions are primarily focused on oil, gas, fertilizer, and even helium needed for semiconductors, with nearly 20% of global petrochemical capacity already affected.

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