US sharemarkets fell on Friday, with the Dow Jones Industrial Average declining 793 points, or 1.73%, to 45,166.64, entering correction territory and sitting more than 10% below its recent high. The S&P 500 dropped 1.67% to 6,368.85, its lowest level in seven months, while the Nasdaq Composite fell 2.15% to 20,948.36. The Nasdaq is now nearly 13% below its record high.
All three major indices recorded weekly losses, with the S&P 500 down 2.1%, the Nasdaq falling 3.2% and the Dow declining 0.9%. The S&P 500 has now posted five consecutive weekly declines.
Oil and bond markets
Oil prices rose, with Brent crude increasing 4.22% to US$112.57 a barrel and West Texas Intermediate gaining 5.46% to US$99.64. Both benchmarks recorded their highest closes since July 2022.
Shipping through the Strait of Hormuz has been severely disrupted since US-Israeli strikes on Iran in late February. Iranian state media reported that the waterway is closed, and vessels have been turned away or impacted in the area.
Australian market outlook
Australian shares are set to open lower on Monday, following declines on Wall Street, with S&P/ASX 200 futures pointing to a fall of 65 points, or 0.7%. The index has fallen 7.4% this month.
Investors will also be watching companies including DroneShield after a 13% decline on Friday.
