Still, markets shrugged off the report, as it predated the war on Iran, which has sent crude prices soaring and could stoke inflation. Inflation jitters mounted after Iran's military command said the world should prepare for crude prices to hit US$200 per barrel, more than double their current level. "It’s all about the consumer, and how the shock of a sustained increase in oil prices is going to affect the consumer's pocketbook and their spending habits," Keator added. Among the 11 major sectors of the S&P 500, consumer staples notched the largest percentage decline, while energy was the clear outperformer, rising 2.5% on rising crude prices. The S&P 500 posted 2 new 52-week highs and 13 new lows while the Nasdaq Composite recorded 44 new highs and 112 new lows.

Source: The Star March 12, 2026 11:44 UTC