WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Friday, extending the steep drop seen over the course of the previous session. The major averages have all moved to the downside, with the tech-heavy Nasdaq leading the way.
Currently, the major averages are off their lows of the session but still firmly negative. The Nasdaq is down 231.87 points or 1.1 percent at 21,176.21, the S&P 500 is down 44.32 points or 0.7 percent at 6,432.84 and the Dow is down 337.22 points or 0.7 percent at 45,622.89.
With the extended slump on the day, the Nasdaq and the S&P 500 have hit their lowest intraday levels since early last September.
A continued surge by the price of crude oil is weighing on Wall Street, as international benchmark Brent crude futures have jumped back above $110 a barrel after soaring by more than 5 percent during Thursday's trading.
The extended spike by crude oil prices comes even though President Donald Trump extended the pause on attacking Iran's energy plants by 10 days to April 6th.
Trump claimed in a post on Truth Social that negotiations with Iran are 'going very well,' although Iranian state media has said Tehran 'responded negatively' to a U.S. peace proposal.
'Comments from Washington and Tehran about a potential peace process seem to come from parallel worlds, with the former indicating talks are going well while the latter effectively denies talks are even happening,' said AJ Bell investment director Russ Mould.
'For now, fighting continues and the path out of the current crisis remains unclear,' he added. 'Oil prices, probably the best indicator, remain elevated and have reached $110 per barrel again.'
Mould noted that the longer crude oil prices remain at elevated levels the greater the fear of inflationary pressures returning in a meaningful way.
Sector News
Airline stocks have shown a substantial move to the downside on the day, with the NYSE Arca Airline Index tumbling by 2.2 percent.
Significant weakness is also visible among software stocks, as reflected by the 2.0 percent slump by the Dow Jones U.S. Software Index.
Biotechnology, computer hardware and retail stocks are also seeing considerable weakness, while gold stocks are moving sharply higher along with the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday. Japan's Nikkei 225 Index fell by 0.4 percent, while China's Shanghai Composite Index climbed by 0.6 percent.
Meanwhile, most European stocks have moved to the downside on the day. The German DAX Index is down by 1.2 percent and the French CAC 40 Index is down by 0.6 percent, although the U.K.'s FTSE 100 Index is just above the unchanged line.
In the bond market, treasuries have regained ground after an early slump but continue to see modest weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, up by 1.2 basis points at 4.428 percent.
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