Stocks continue to fall, with the Dow plunging close to 700 points at the start of trading

Markets Plunge Amid Economic and Geopolitical Worries

U.S. stocks saw a significant drop at the start of trading on Friday, following fresh government data that signaled a cooling labor market. Investors are also increasingly anxious about the potential economic fallout from the ongoing Iran conflict.

In early trading, the S&P 500 slid by 83 points (1.2%) to 6,747. The Dow Jones Industrial Average tumbled 647 points (1.3%), while the Nasdaq Composite lost 1%.

This downturn comes on the heels of Thursday’s sharp losses, when the Dow fell by 785 points (1.6%), and the S&P 500 and Nasdaq dropped 0.6% and 0.3%, respectively.

Disappointing Jobs Data

The sell-off was triggered by the February jobs report, which revealed that employers cut 92,000 jobs last month—far below economists’ expectations of a 60,000 job increase.

Bar chart depicting monthly changes in U.S. nonfarm payroll employment from 2022 to 2025.

“There’s no way to put a positive spin on these numbers,” commented Brian Jacobsen, chief economic strategist at Annex Wealth Management. “A negative jobs figure, combined with surging oil prices, is likely to heighten traders’ fears about stagflation.”

Oil Prices Surge

Oil continued its upward trajectory on Friday, fueled by concerns that the Iran conflict could disrupt global energy supplies. West Texas Intermediate (WTI), the U.S. oil benchmark, jumped 6.8% to $86.57 per barrel, according to Factset. Brent crude, the international standard, climbed 4.7% to $89.44—both reaching their highest levels since April 2024.

This week’s spike in crude prices is largely attributed to the Iran crisis, which has halted shipments of oil and liquefied natural gas through the crucial Strait of Hormuz.

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