Wall Street followed the FTSE 100 (^FTSE) and European stocks lower on Friday, as traders shrugged off Donald Trump’s latest pause on striking Iran’s energy infrastructure, which failed to provide a meaningful boost to market sentiment.
On Thursday night, the US president extended the deadline for Iran to open the strait of Hormuz by 10 days, meaning the new date would be 6 April.
In a brief post to his Truth Social platform, he said: “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time.
“Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.”
However, Iran denied it was “begging to make a deal”, despite Trump’s earlier claims.
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It comes after Wall Street posted its biggest daily loss since the Iran war began on Thursday.
The Wall Street Journal also reported on Thursday that the US was considering sending as many as 10,000 additional troops to the Middle East.
Tony Sycamore, market analyst at IG, said Trump has extended the uncertainty gripping markets.
“While the rhetoric around de-escalation and dialogue is certainly preferable to outright conflict, the market appears to be growing increasingly numb to President Trump’s verbal reassurances,” he said.
“By extending the deadline, it effectively kicks the can down the road, pushing back any concrete resolution regarding the reopening of the Strait of Hormuz. This, in turn, simply extends the uncertainty weighing on markets and the broader global economy.”
Oil prices pushed over 2% higher on Friday as attacks continued across the Middle East, raising concerns the war could run into April and beyond. Brent crude (BZ=F) traded above $104 a barrel, while West Texas Intermediate (CL=F) topped $97 as investors eyed the growing economic hit from the halt to Strait of Hormuz traffic.
Elsewhere, UK retail sales dipped by 0.4% in February, following a rise of 2.0% in January, the Office for National Statistics revealed. In the December to February quarter, sales volumes were up 0.7% compared with the previous three months.
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London’s benchmark index (^FTSE) was 0.2% down in afternoon trade
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Germany’s DAX (^GDAXI) dipped 1.3% and the CAC (^FCHI) in Paris headed 0.7% into the red
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The pan-European STOXX 600 (^STOXX) was down 0.9%
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The tech-heavy Nasdaq Composite (^IXIC) dropped 0.9%, sinking further into correction territory. Meanwhile, the Dow Jones Industrial Average (^DJI) also fell 0.9%, while the S&P 500 (^GSPC) moved 0.7% lower, following steep losses for Wall Street stocks on Thursday.
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The pound was 0.2% down against the US dollar (GBPUSD=X) at 1.3307