GoAI Market Wrap - 6th Mar
Stock Market
U.S. equities endured a volatile session Thursday as the escalating conflict involving Iran triggered contagion across global markets, sending oil prices to their highest levels since mid-2024.
The Dow Jones Industrial Average plummeted more than 1,100 points intraday before reclaiming some ground in afternoon trading. The S&P 500 and Nasdaq Composite similarly bounced off their session lows but ultimately closed in negative territory.
In energy markets, U.S. crude surged 8.5% to settle above $81 per barrel, marking its steepest one-day gain since May 2020. The international benchmark, Brent crude, rose 4.93% to $85.41 per barrel.
Oil prices have been on a tear this week, with WTI and Brent up more than 20% and 17%, respectively, as anxieties mount over potential shipping disruptions in the Strait of Hormuz. Data suggests that the escalation has effectively halted tanker traffic through the strategic waterway. However, Iran's permanent mission to the United Nations posted on social media Thursday that claims of a blockade are "baseless and absurd," maintaining that Tehran remains committed to international law and freedom of navigation.
Elsewhere, U.S. natural gas futures climbed nearly 3%, while diesel futures jumped approximately 7%. Rising energy costs threaten to fuel inflationary pressures, further complicating the Federal Reserve’s policy outlook and weighing on equity sentiment.
"Uncertainty remains exceptionally high," noted Lee Hardman, senior currency economist at MUFG, in a research note. "Markets are currently unable to gauge the duration of the conflict or the full extent of the shock to global energy supplies."
Rob Haworth, senior investment strategy director at U.S. Bank, identified two pivotal questions for investors: whether shipping through the Strait of Hormuz can resume, and the ultimate duration of the war.
"Markets had been pricing in a short-lived conflict," Haworth said. "However, the scope is broadening. If this becomes a protracted engagement with further regional spillover, appetite for risk assets could deteriorate significantly."
Global Markets
Twenty-Four U.S. States Sue Trump Administration Over New Tariffs
Oregon led a coalition of 24 states in filing a lawsuit with the U.S. Court of International Trade on Thursday, seeking to block the Trump administration’s recently announced tariff measures.
Iran Claims Drone Strike on USS Abraham Lincoln
An Iranian military spokesperson stated Thursday that the USS Abraham Lincoln was struck by an Islamic Revolutionary Guard Corps (IRGC) drone in the Sea of Oman, roughly 340 kilometers from Iranian waters. The spokesperson claimed the carrier and its escorts subsequently withdrew more than 1,000 kilometers from the area.
Trump Requests Kurdish Support for Iran Operations
President Trump has reportedly asked Kurdish leaders to assist U.S. operations in Iran, promising "extensive U.S. air cover" and support to help anti-government Iranian Kurds seize territory in western Iran, according to The Washington Post.
Corporate News
Berkshire Hathaway Restarts Share Repurchases
Berkshire Hathaway, sitting on a $373.3 billion cash pile, disclosed Thursday that it resumed its buyback program this week. Successor CEO Greg Abel also announced he would use his entire annual salary to purchase company shares, pledging to do so annually.
Regulatory filings show the firm began repurchasing Class A and Class B shares on Wednesday. Berkshire last engaged in buybacks during Q2 2024.
Oracle Weighs Massive Layoffs Amid AI Expansion
Oracle Corp. is reportedly planning to cut thousands of jobs to offset the capital-intensive expansion of its AI data centers. The layoffs, which could begin as early as this month, are expected to target departments where AI automation has reduced the need for human labor.
Under Chairman Larry Ellison, Oracle is aggressively building infrastructure to provide compute power for clients like OpenAI.
OpenAI Debuts GPT-5.4 and Pro Models
OpenAI has officially launched GPT-5.4, featuring a refined "Thinking" mode across ChatGPT, API, and Codex platforms. The update includes GPT-5.4 Pro for complex tasks, boasting improved deep-web research and better context retention during long reasoning chains.
Notably, the model now supports native computer-use capabilities and a 1-million-token context window for developers.
Forex & Commodities
Energy markets surged on Thursday as geopolitical tensions in the Middle East reached a boiling point, overshadowing broader cooling in the commodities complex.
WTI crude futures settled significantly higher at $78.87 per barrel, up 5.64%, as traders priced in a "war premium" amid reports of naval confrontations and potential blockades in the Strait of Hormuz.
In contrast, the safe-haven rally in precious metals took a breather, with gold and silver both retreating from recent highs.
COMEX gold futures slid 0.81% to settle at $5,093.30 per ounce, as a stronger dollar and surging Treasury yields—driven by inflation fears—weighed on non-yielding assets. Spot gold followed suit, dropping 1.17% to $5,081.11, reflecting a tactical shift by investors toward energy-linked hedges over traditional bullion.
Key Events
CME Group Cuts Margins for Gold and Silver
CME Group announced it will lower initial margin requirements for COMEX 100 Gold futures from 9% to 7%, and for COMEX 5000 Silver futures from 18% to 14%, effective after the close of business on March 6, 2026.
Cryptocurrency
Digital assets saw broad-based declines over the last 24 hours.
Bitcoin (BTC) is trading near $70,939.38 (-2.58%), while Ethereum (ETH) fell 2.68% to $2,071.13.
BNB: $648.17 (-1.52%)
Solana (SOL): $88.81 (-2.42%)
Dogecoin (DOGE): $0.09371 (-4.31%)
Key Events
Bitcoin eased slightly after hitting a one-month high Wednesday but remains anchored above the critical $70,000 level.
While support from President Trump regarding stablecoin interest returns has buoyed the sector, Trade Nation’s David Morrison noted that while ETF inflows remain strong, "traders stay cautious given persistent geopolitical risks and broader market volatility."