S&P 500, Nasdaq, and Bitcoin All Drop for Fourth Consecutive Week Because of Iran Conflict

TLDR

• The Dow, S&P 500, and Nasdaq are heading for a fourth straight week of declines
• The Dow has not seen a losing streak of this length since February 2023
• Oil prices stay high, with Brent crude trading near $108 per barrel
• Markets were further shaken by reports of a potential U.S. plan to blockade Iran’s Kharg Island
• Bitcoin and XRP also declined, marking a tough week for both equities and cryptocurrencies

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(SeaPRwire) –   On Friday, March 20, U.S. stocks declined again, placing the major indices on track for a fourth successive week of losses. The downturn was largely attributed to surging oil prices and persistent uncertainty regarding the conflict with Iran.

The Dow Jones Industrial Average lost approximately 300 points, or 0.7%, on Friday. The S&P 500 fell by about 1%, while the Nasdaq Composite dropped by roughly 1.3%.

A fourth consecutive weekly decline for the Dow would signify its longest losing streak since February 24, 2023. The S&P 500 last experienced a four-week losing streak in March 2025.

The Nasdaq previously endured a five-week losing streak earlier this year and is now nearing correction territory once again, along with the Dow.

Markets have been anxious since the U.S. and Israel launched military strikes on Iran on February 28. Oil prices have remained high throughout this period, pressuring investor sentiment.

Brent crude futures lingered near $108 per barrel on Friday, while West Texas Intermediate futures were around $96. Both benchmarks oscillated between gains and losses during the session.

An Axios report heightened uncertainty on Friday. It suggested the Trump administration is evaluating plans to occupy or blockade Kharg Island, a critical hub for Iran’s oil exports, to compel Tehran to reopen the Strait of Hormuz to tanker traffic.

Iran continued its attacks on Persian Gulf neighbors on Friday. Analysts cautioned that existing infrastructure damage would maintain elevated oil prices for the foreseeable future.

Why Oil Prices Are Driving Markets

Paul Hickey, co-founder of Bespoke Investment Group, remarked that Friday’s market direction would “depend almost entirely on the price of oil.” With no significant economic data or earnings reports due, geopolitical headlines remained the primary catalyst.

Friday also coincided with a triple witching day, a quarterly event where stock options, stock index futures, and stock index options all expire simultaneously. These days are known to induce additional volatility.

David Laut, chief investment officer at Kerux Financial, noted that the triple witching effect could be intensified by the market’s already fragile state entering the session.

The S&P 500 closed below its 200-day moving average on Thursday, a key level monitored by technical analysts. Frank Cappelleri of CappThesis observed that a single close below this level does not necessarily guarantee further declines, but it represents a juncture where traders consider buying the dip.

Crypto Also Takes a Hit

It was not only stocks that faced a difficult week. Bitcoin and XRP both fell, compounding losses across the crypto markets. Additionally, the SEC supported a Nasdaq proposal to tokenize securities, a move that attracted attention in the crypto world but did little to buoy prices on the day.

The Dow and Nasdaq both concluded the week near correction territory, with markets looking to every headline from the Middle East for direction.