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

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 inflation forecasts higher. Markets now face a “triple-witching” options expiry worth $5.7 trillion, adding another layer of potential volatility to an already fragile session.Key Takeaways01Oil swung wildly — up 10% intraday before fading — after Iran struck Qatar’s Ras Laffan LNG complex, wiping out 17% of Qatar’s capacity for potentially 3–5 years.02Netanyahu stated Iran can no longer enrich uranium or produce ballistic missiles, helping equities pare losses and oil pull back; the S&P 500 closed just 0.3% lower.03The Fed, ECB, and Bank of England all held rates steady but raised inflation forecasts, signalling rate cuts are firmly off the table while the energy shock persists.04Today’s quarterly “triple-witching” expiry of ~$5.7 trillion in options is expected to amplify intraday volatility on Wall Street and ripple through to the ASX.05Micron shares fell ~4% despite record earnings and a near-tripling of revenue, as the chipmaker flagged $25B+ in capex spending for FY2026, ~$5B above prior guidance.06Uber announced a $1.25B investment in Rivian for a robotaxi fleet, and Eli Lilly reported a record weight-loss result from an experimental diabetes drug.