Oil Leaps, Stocks Fall on War and Credit Fears: Markets Wrap

A weak jobs report hit stocks at a time when a widening war in the Middle East is lifting oil prices and fueling inflation jitters. Anxiety about the private-credit industry also reduced risk appetite. Bitcoin tumbled.

Friday’s 1.3% slide in the S&P 500 sent the gauge to its worst week since October. Financial shares sank, with BlackRock Inc. down 7.7% after curbing withdrawals from a private-credit fund. Chipmakers plunged as Oracle Corp. and OpenAI scrapped plans to expand an artificial-intelligence data center in Texas. US oil topped $90, notching its biggest-ever weekly gain. Short-dated bonds outperformed as traders boosted bets on Federal Reserve rate cuts.