Major U.S. Indexes and Bitcoin Record Fourth Consecutive Week of Decline as Iran Tensions Escalate

Key Takeaways

• Major U.S. equity indexes are heading toward their fourth consecutive week in negative territory
• The Dow Jones Industrial Average faces its most extended decline since early 2023
• Crude oil benchmarks continue trading at elevated levels, with Brent approaching $108 per barrel
• Market jitters intensified following reports of potential U.S. military action targeting Iran’s primary oil export terminal
• Cryptocurrency markets mirrored equity weakness, with Bitcoin and XRP posting notable declines

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American equity markets experienced another session of selling pressure on Friday, March 20, positioning the primary benchmarks for a fourth consecutive week of negative returns. The weakness stemmed primarily from elevated crude oil valuations and persistent anxiety surrounding the escalating Iran situation.

The Dow Jones Industrial Average retreated approximately 300 points, representing a decline of roughly 0.7% during Friday’s trading. The S&P 500 index surrendered approximately 1%, while the technology-heavy Nasdaq Composite declined by about 1.3%.

E-Mini S&P 500 Mar 26 (ES=F)

Should the Dow complete a fourth consecutive week of losses, it would represent the benchmark’s most prolonged period of consecutive declines since the week ending February 24, 2023. The broader S&P 500 index experienced its most recent four-week downturn in March 2025.

The technology-focused Nasdaq already posted a five-week slide earlier during the current year, and now finds itself once again moving toward correction levels along with the Dow.

Investor anxiety has persisted since late February, when the United States and Israel launched coordinated military operations against Iranian targets on February 28. Petroleum prices have maintained elevated levels throughout this period, creating headwinds for market sentiment.

Brent crude futures maintained positions close to $108 per barrel during Friday’s session. West Texas Intermediate futures traded around the $96 level. Both petroleum benchmarks experienced fluctuations throughout the trading day.

Market uncertainty deepened on Friday following an Axios news report suggesting the Trump administration is evaluating strategies to either occupy or establish a naval blockade around Kharg Island, Iran’s critical oil export facility, as leverage to compel Tehran to reopen maritime traffic through the Strait of Hormuz.

Iran continued offensive operations against neighboring Gulf states on Friday. Market observers cautioned that infrastructure damage already sustained will maintain upward pressure on petroleum prices for an extended period.

Petroleum Prices Dominate Market Direction

Friday’s session coincided with a quarterly triple witching event, when equity options, stock index futures, and stock index options contracts simultaneously reach expiration. These quarterly occurrences typically generate heightened trading volatility.

David Laut, chief investment officer at Kerux Financial, suggested the triple witching dynamics could amplify volatility given the market’s already fragile condition entering the session.

The S&P 500 settled beneath its 200-day moving average during Thursday’s trading, a technical threshold monitored closely by chart analysts. Frank Cappelleri of CappThesis observed that while a single breach of this level doesn’t necessarily confirm additional weakness ahead, it represents a juncture where market participants begin evaluating potential buying opportunities.

Digital Asset Markets Mirror Equity Weakness

Equity markets weren’t alone in experiencing a challenging week. Bitcoin and XRP both registered declines, contributing to broader weakness throughout cryptocurrency markets. The Securities and Exchange Commission also endorsed a Nasdaq initiative to tokenize traditional securities, a development that generated discussion within digital asset communities but failed to provide meaningful price support during the session.

Both the Dow and Nasdaq concluded the week approaching correction thresholds, with participants closely monitoring each development emerging from the Middle East region for trading direction.

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