Nvidia's CoreWeave position alone would be among most profitable US companies

Markets fell sharply Friday after Iran launched a retaliatory air strike on Israel, fueling fears of a broader conflict. The move dragged stocks lower across the globe and sent investors flocking to safe haven assets. Oil prices and defense stocks soared, while gold hit a new record and the dollar strengthened.

The S&P 500 dropped over 1.1%, wiping out its gains for the week. The Nasdaq 100 fell 1.3%, and the Russell 2000 lost 1.85%, with all three indexes finishing the week in the red.

Energy was the only sector to close in the green, logging its second straight day of gains. Tech and financials were the biggest laggards. Oracle jumped almost 8%, continuing its rally after a blowout Q4. Adobe led decliners, despite topping Q2 estimates and raising its full-year outlook.

Elsewhere…

US airlines including Delta, American, and United slid as investors weighed rising oil prices and possible supply disruptions as global tensions heat up.

Cruise lines Royal Caribbean, Norwegian, and Carnival as well as other travel names like Expedia, Booking, and Airbnb traded lower on similar sentiment.

Boeing shares continued to decline, dropping nearly 2% following Thursday’s deadly crash of Air India Flight 171, which involved a 787 Dreamliner.

Archer Aviation sank 15% after announcing it sold $850 million in shares to help fund development of its AI-powered aviation software.

RH shares jumped 7% after topping Q1 estimates and calming some investor fears around tariff threats.

Private prison and deportation contractor GEO Group dropped 7% after four detainees escaped from its ICE facility in Newark, New Jersey.