Markets Shed $1 Trillion as Trump's Iran Gamble Shakes Wall Street

The S&P 500 closed its Thursday trading session down 1.74%, marking the index's worst daily drawdown since January 20, when President Trump’s insistence that the U.S. take control of Greenland was blamed for reigniting fears of a global trade war.

What's the Scoop?

• Red Screens: War headlines served as the stock market’s scapegoat du jour, but the real pressure came from U.S. tech, with the Nasdaq 100 closing the day just a hair above its session low, which now serve as the index's newest yearly low. While the S&P 500 and Dow Jones Industrial Average also registered large declines, theirs were smaller in magnitude and did not set new yearly lows during the regular trading session. Bond markets failed to offer safe haven, with U.S. treasury yields climbing across the curve.
• Crypto Weakness: Crypto stocks and liquid token prices were also mixed up in the carnage, though today's volatility remained relatively subdued. For the most part, crypto-adjacent investments (from BTC and ETH to COIN and MSTR) have traded essentially unchanged since early February.
• Post-Close TACO: Shortly following the market close, a sharp market rally was attributed to a Truth Social post from the account of President Trump, which postpones the previously announced the bombardment of Iranian power infrastructure until April 6.