U.S. stock markets closed lower, with major indices posting slight declines. The Dow Jones Industrial Average fell 0.44% to 46,021.43, the S&P 500 dropped 0.27% to 6,606.49, and the Nasdaq Composite decreased 0.28% to 22,090.69.
Leading the declines among Dow components were Boeing, down 2.33%, McDonald's, down 1.98%, and 3M, down 1.61%.
Large-cap technology stocks experienced a collective downturn, with the Wind US Tech Seven Giants Index falling 0.86%. Tesla led the losses with a 3.18% drop, followed by Meta Platforms (Facebook) declining 1.46%, and NVIDIA falling 1.02%.
Most U.S.-listed Chinese stocks also closed lower. The Nasdaq Golden Dragon China Index decreased by 1%, while the Wind China Tech Leaders Index dropped 2.39%. Key decliners included Alibaba Group, down 7.07%, Pinduoduo, down 3.27%, and Baidu, down 2.35%.
On March 19, Alibaba Group released its financial results for the third quarter of fiscal year 2026. The report showed quarterly revenue of 284.84 billion yuan, a 2% year-over-year increase. Net income attributable to ordinary shareholders was 16.322 billion yuan, while net profit was 15.631 billion yuan, representing a 66% decrease primarily due to a reduction in operating profit.
International precious metals futures closed broadly lower. COMEX gold futures fell 4.99% to $4,651.90 per ounce, and COMEX silver futures dropped 6.16% to $72.81 per ounce. However, both gold and silver prices rebounded in after-hours trading. As of the latest update, COMEX gold futures had risen 0.88% to $4,646.30, and silver futures had increased 1.90% to $72.57.
The hawkish stance from the Federal Reserve dampened expectations for interest rate cuts. Rising U.S. Treasury yields and a stronger U.S. dollar increased the holding costs for precious metals. This, combined with a shift in safe-haven capital preference towards dollar-denominated assets and heightened expectations for liquidity tightening, collectively pressured precious metal prices.
Shares of precious metals companies saw significant declines. AngloGold Ashanti fell over 7%, Pan American Silver dropped more than 6%, Eldorado Gold declined over 6%, Harmony Gold decreased more than 6%, and Barrick Gold was down over 5%.
International oil prices experienced a pullback. On March 19, the main U.S. crude oil futures contract fell 0.91% to settle at $94.59 per barrel, while the main Brent crude contract edged up 0.16% to $103.08 per barrel. In after-hours trading, the WTI crude futures contract extended losses, falling a further 1.94% to $93.70 per barrel at the time of writing.
Ongoing attacks on energy facilities in the Middle East have fueled concerns about potential disruptions to crude oil supply, providing support for Brent crude prices.
The U.S. issued a general license targeting Russian crude oil, permitting the delivery and sale of Russian crude and petroleum products loaded within a specific timeframe. Concurrently, signals regarding the potential easing of restrictions on seaborne Iranian crude, coupled with news suggesting the opening of relevant regional shipping channels, have temporarily alleviated expectations of a contraction in oil supply. This has directly contributed to downward pressure on oil prices. Clear statements from the EU level affirming that overall oil supply remains secure and stable have further eased market concerns about potential supply gaps, adding downward pressure on prices.
Goldman Sachs believes that subsequent oil supply flows will gradually increase. Under a baseline scenario, Brent crude prices are expected to retreat to the $70s range. However, the lingering effects of previous large-scale supply disruptions mean the risk of prices remaining above $100 persists. The bank suggests that upside risks to oil prices outweigh downside risks in both the short and long term.
Morgan Stanley points out that current investor assessments may underestimate the risk of a sharp spike in oil prices. Historical patterns indicate that extreme price volatility increases the potential for economic recession. Combined with geopolitical tensions that are not yet fully resolved, the magnitude of future oil price fluctuations could widen further. The firm advises vigilance regarding price anomalies triggered by sudden supply-side news.
Israeli Prime Minister Benjamin Netanyahu stated at a press conference on March 19 that Israel acted "alone" in the airstrike on Iranian gas fields and that Israel would "comply" with the request from U.S. President Donald Trump to "pause" further attacks on energy facilities.
Earlier that day, President Trump, responding to media questions at the White House, said he had informed Netanyahu not to attack energy facilities inside Iran.
According to Iranian reports on the 18th, parts of petrochemical facilities in the South Pars and Asaluyeh regions of Bushehr province in southern Iran were attacked by the U.S. and Israel. Iran subsequently announced strikes on oil facilities associated with the U.S. in Gulf countries like Saudi Arabia and Qatar. President Trump posted on social media that the U.S. had "no prior knowledge" of the Israeli attack on Iranian oil and gas facilities.
