US stocks extend slide to fourth straight weekly loss as Iran conflict sends oil near $99 and revives inflation and Fed hike fears - Major US indices fell sharply, with the Russell 2000 (IWM) leading declines and entering a 10% correction from its recent high while the S&P 500 (SPY), Nasdaq (QQQ), and Dow closed just above correction territory. - Tech and growth shares came under heavy pressure as rising bond yields and reduced rate-cut expectations shifted Fed market pricing toward the risk of renewed hikes. - Super Micro Computer (SMCI) plunged after its co-founder and others were charged with smuggling AI chips to China, hammering AI-related sentiment. - FedEx (FDX) rallied after delivering a strong earnings beat and raising full-year profit guidance, bucking the broader market selloff. - Energy stocks were among the few resilient groups, trading flat to higher as the Iran war disrupted key oil supply routes including the Strait of Hormuz. - Utilities, real estate, technology, and consumer discretionary sectors lagged the market with pronounced losses as higher-rate fears weighed on rate-sensitive and growth areas. - WTI crude (CL) surged toward $99 a barrel, its highest level since 2022, on deepening Middle East tensions and mounting supply concerns. - Reports of weakness in the municipal bond market added to broader interest-rate and credit worries during the session. - With few notable after-hours earnings and limited extended-hours moves, attention shifted to weekend developments in the Middle East and next week’s economic data for implications for Fed policy.