Stock Market Today, March 24: Oil, AI, and Private Credit Fears Weigh on Markets

The S&P 500 (^GSPC 0.37%) fell 0.37% to 6,556.37, and the Nasdaq Composite (^IXIC 0.84%) dropped 0.84% to 21,761.89 on tech and software weakness. The Dow Jones Industrial Average (^DJI 0.18%) slipped 0.18% to 46,124.06 after a day of choppy, oil-driven trading.

Market movers

Oracle (ORCL 4.79%) slid almost 5%, extending a more than 50% retreat from its September peak. Software stocks, such as ServiceNow (NOW 5.68%) and Salesforce (CRM 6.23%) tumbled. Reports of new artificial intelligence (AI) tools from Amazon.com (AMZN 1.45%) put pressure on the sector. Microsoft (MSFT 2.68%), slipped almost 3%.

In biotech, Immunic (IMUX +6.84%) jumped nearly 7% after Guggenheim initiated coverage with a “buy” recommendation. ImmunityBio (IBRX 21.49%) tumbled on an FDA ad warning.

What this means for investors

Oil prices and the conflict in Iran continued to weigh on markets today. The price of Brent crude rebounded above $100 as yesterday’s hopes of de-escalation began to fade. Traffic through the Strait of Hormuz remains heavily restricted, and higher oil prices are stoking inflation fears.

The VIX index, which measures volatility and signals fear in the market, is close to its highest levels since last year’s tariff-related disruptions. This shows that investors remain cautious and are still evaluating the long-term impact of the war. The S&P 500 has declined almost 5% in the past month.

In addition to hostilities in the Middle East, further troubles in private credit markets emerged today. **Ares Management **(ARES 0.92%) joined other alternative asset managers in capping withdrawals, signalling further distress in the sector.