March 20: Stocks end lower in Choppy session as Iran conflict drags on

MPC Markets Morning Call · Mar 20, 2026 · 11m

Overnight saw another volatile session dominated by the US–Israel war on Iran. Oil initially surged 10% after Iranian strikes knocked out 17% of Qatar’s LNG export capacity and damaged Saudi and UAE energy facilities, before easing back as Netanyahu took the podium. Equities finished modestly lower across the board — the S&P 500 fell 0.3%, the Dow 0.4%, and MSCI World dropped 0.7% — well off their worst levels. The US dollar fell sharply, with the euro and pound each gaining over 1%, while gold slid 3.5% and Bitcoin retreated. The Fed, ECB, and Bank of England all held rates but revised…