NEW YORK, March 20 (Xinhua) -- U.S. stocks ended significantly lower on Friday, with two major indices falling into correction territory as an escalating Middle East conflict and soaring Treasury yields battered investor sentiment. Amid the escalating conflict in the Middle East, the international benchmark Brent crude topped 112 U.S. dollars a barrel on Friday, while U.S. West Texas Intermediate traded over 98 dollars a barrel. The oil price shock amplified fears that domestic inflation is being reignited, leading investors to price out expectations for near-term interest rate cuts by the Federal Reserve. This shifting outlook pushed the yield on the benchmark 10-year U.S. Treasury note to 4.39 percent, up sharply from Thursday's close above 4.25 percent. Our outlook for two Fed rate cuts stands in stark contrast to current market pricing, which has hints of rate hikes," Gapen said.

Source: The Star March 21, 2026 08:15 UTC