Stock Market Today, March 19: Brent Crude's $119 Spike Rattles Markets

S&P 500 (^GSPC 0.27%) fell 0.27% to 6,606.49, the Nasdaq Composite (^IXIC 0.28%) slipped 0.28% to 22,090.69, and the Dow Jones Industrial Average (^DJI 0.44%) lost 0.44% to 46,021.43 as oil prices drove another volatile day of trading.

Market movers

Energy names such as ExxonMobil (XOM +0.40%) and Chevron (CVX +1.39%) extended gains today. Canadian Natural Resources (CNQ +3.01%) continued its rally. The stock has surged 60% in the past six months.

Micron Technology (MU 3.71%) fell despite strong quarterly results as investors weighed wider unease and spending concerns. **Alibaba Group **(BABA 7.02%) dropped sharply on disappointing earnings.

Gold miner Newmont (NEM 7.13%) tumbled nearly 9% on plummeting bullion prices. Industrial bellwethers GE Aerospace (GE 3.22%) and Boeing (BA 2.33%) each sank amid broad aerospace selling.

What this means for investors

Oil prices again pressured markets today after Brent crude spiked briefly above $119 a barrel before falling back to $108 at close. U.S. stocks pared losses in the final hours of trading, finishing with slight losses.

Strikes on Middle Eastern energy facilities intensified fears that energy prices would remain elevated even after the conflict ends. The Federal Reserve’s comments about inflation added to the risk-off sentiment, weighing on tech stocks, industrials, and consumer staples. Mortgage rates climbed to their highest level in three months.

**JPMorgan Chase **cut its 2026 year-end target for the S&P 500. It joined other investment firms in warning that the Iran conflict could slow global growth. The firm said the assumption that elevated oil prices would be short-lived had led to a sense of complacency.