Wall Street hits six-month low as Trump ‘appears to lose his grip on markets' – business live

• The S&P 500 and Nasdaq both hit six-month lows, extending five straight weeks of losses last seen in 2022, as Trump's latest 'TACO' (Trump Always Chickens Out) moment failed to calm markets
• UK petrol prices reached 150.11p per litre (highest since May 2024), up 17p since the conflict began, while UK mortgage rates climbed to 19-month highs at 5.75% for 2-year fixes
• US consumer confidence fell 6% to 53.3 points (lowest since December 2025), with wealthy Americans particularly affected by volatile stock markets and rising gas prices

Market Summary: Wall Street Hits Six-Month Low Amid Iran War Concerns

Key Market Movements

US Markets:

• S&P 500 fell 0.8% to 6,425 points (six-month low)
• Nasdaq declined 1% (also at six-month low)
• Dow Jones dropped 411 points (-0.9%) to 45,548 points
• Markets experienced fifth consecutive weekly decline, last seen in 2022
• Previous session saw 1.75% decline on S&P 500

Energy Markets:

• Brent crude surged 2.75% to $111 per barrel
• Oil above $110 for first time since Monday

European Markets:

• Stoxx 600 down 8.5% since late February (total 8% decline this month)
• UK FTSE 100 fell 0.4% to 9,931 points
• German DAX down 0.75%; French CAC 40 down 0.34%

Key Developments

President Trump extended his deadline for Iran to reopen the Strait of Hormuz by 10 days (until April 6), but markets showed limited confidence in this "TACO" (Trump Always Chickens Out) moment. Analyst Fawad Razaqzada (Forex.com) noted investors are "growing increasingly desensitized" to Trump's statements, trading against them while awaiting tangible proof.

Economic Impact:

• US consumer confidence fell 6% to 53.3 points (lowest since December 2025)
• UK petrol prices hit 150.11p/liter (highest since May 2024); diesel at 177.68p/liter
• UK mortgage rates climbed to 19-month highs (2-year: 5.75%; 5-year: 5.69%)
• UK 10-year gilt yields exceeded 5%, impacting government borrowing costs

Market Implications:

Bank of America projects further 10% downside for European equities. The European Commission estimates the conflict could reduce EU GDP by 0.4-0.6 percentage points in 2026