--- title: "Friday's Shift: Oil Continues to Surge, US Stocks Tumble Again, But Treasuries \"Don't Follow,\" Is the Market Now \"Pricing in Recession\"?" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280857911.md" description: "Oil prices soar, US stocks plummet, but Treasury yields unusually fall! The market offers a dual explanation for this anomaly. On one hand, investors begin to doubt if the energy crisis will truly lead the Federal Reserve to hike rates against the trend, with high yields attracting bargain hunters. On the other hand, market focus has sharply shifted from short-term inflation fears to deep concerns about long-term economic recession and growth downturn" datetime: "2026-03-28T01:30:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280857911.md) - [en](https://longbridge.com/en/news/280857911.md) - [zh-HK](https://longbridge.com/zh-HK/news/280857911.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280857911.md) | [English](https://longbridge.com/en/news/280857911.md) # Friday's Shift: Oil Continues to Surge, US Stocks Tumble Again, But Treasuries "Don't Follow," Is the Market Now "Pricing in Recession"? As global crude oil prices continue to climb due to geopolitical conflicts and US stock markets experience consecutive declines, US Treasury yields unexpectedly retreated from high levels on Friday, breaking the recent pattern of rising in tandem with oil prices. This highlights a shift in market pricing logic. On Friday, amidst the escalating US-Iran conflict, benchmark WTI crude oil futures rose to a multi-year high of $99.64 per barrel, while the Nasdaq Composite Index entered correction territory. However, the US two-year Treasury yield, highly sensitive to Federal Reserve monetary policy, retreated to 3.90%. This rare decoupling of asset movements suggests that financial markets may be approaching a critical inflection point. While investors briefly chased high-yield bonds for the year, **their core focus has rapidly shifted from short-term inflation fears triggered by soaring energy prices to deep concerns about long-term economic stagnation and even recession.** As verbal interventions to control oil prices lose their effectiveness and signs of pressure from US fiscal debt issuance emerge, Wall Street is being forced to re-evaluate the valuation framework for risk assets and the potential downside risks to the macroeconomic outlook in the face of rising energy costs. ## **Treasury Yields Diverge as Growth Worries Trump Inflation Fears** Market trend charts show that recent asset prices have exhibited a typical correlation of "high oil prices, low stocks, high yields." However, US Treasury yields deviated significantly from this track on Friday. **The charts clearly indicate that while oil prices continued to rise and US stocks were being sold off, Treasury yields did not climb as usual but instead saw a significant pullback, completing a clear logical decoupling.** Regarding this abnormal phenomenon, the market offered a dual explanation. According to Bloomberg analysis, on one hand, after yields climbed to their highest levels since mid-2025, the elevated yields themselves attracted significant buying, and investors began to doubt if the energy crisis would truly lead the Federal Reserve to hike rates against the trend. On the other hand, the deeper reason lies in the worsening economic fundamentals. According to Bloomberg, Ian Lyngen, Head of US Rate Strategy at BMO Capital Markets, stated: "The front end of the Treasury yield curve is no longer following energy prices as an inflation risk, but rather focusing on economic growth and downside risks in risk assets." ZeroHedge also pointed out that investors are shifting from concerns about short-term inflation to fears of long-term economic recession and continued supply chain disruptions. ## **Oil Prices Ignore Verbal Intervention as Supply Crisis Worsens** The strong performance of the crude oil market is the core driver of recent asset volatility. Although President Trump briefly extended the pause on attacks, causing oil prices to pull back, the situation continued to escalate in the fifth week of Middle East conflict, ultimately pushing oil prices higher. According to ZeroHedge analysis, the actual impact on the oil market is shifting from flow disruptions to inventory depletion. Market liquidity is deteriorating, and investors are no longer pricing in a short-term conflict resolution but rather an escalation of the situation and tighter supply. Goldman Sachs traders emphasized the limitations of verbal intervention, noting, "you can't jawbone molecules." The impact of oil prices has triggered concerns about stagflation. John Briggs, Head of US Rate Strategy at Natixis, noted that as long as the Strait of Hormuz remains closed, investors will worry about medium-term inflation and potential aggressive tightening responses from central banks, similar to what was seen in 2022. ## **US Stocks Under Pressure, Nasdaq Officially Enters Correction** Elevated energy costs and persistent macroeconomic uncertainty have dealt a heavy blow to risk assets. The Nasdaq Composite Index fell more than 3% this week, officially entering a correction zone with a 10% drop from its historical high, while the S&P 500 Index recorded its fifth consecutive weekly decline, marking the longest losing streak since May 2022. Tech stocks became the primary target of the sell-off. According to Nathaniel Welnhofer, a strategist at Bloomberg Industry Research, **the recent pullback in tech stocks has narrowed the forward P/E valuation premium of the Nasdaq relative to the S&P 500 to just 4.4%, the lowest level since January 2019, a significant drop from the 35.7% premium seen last October.** The structure of the options market has also exacerbated stock market fragility. ZeroHedge pointed out that as implied volatility rises, the market is in a negative gamma state, where increasing volatility will trigger more passive hedging sales, thereby amplifying the extent of the index's decline. ## **Yield Pressure Looms as Market Faces a Double Whammy** In addition to economic downside risks, the Treasury market faces realistic pressure from the supply side. According to Bloomberg, Andrew Hollenhorst, an economist at Citigroup, noted that the prospect of increased borrowing by the US government to cover war costs and refinance debt at higher interest rates is creating upward pressure on Treasury yields. This week's Treasury auctions cleared at higher-than-expected yields, highlighting the severity of fiscal challenges when interest rates rise. Meanwhile, market expectations for monetary policy have undergone drastic changes. Molly Brooks, a rates strategist at TD Securities, stated, "The market has done a 180-degree turn; participants have gone from asking when the next rate cut will be to pricing in future rate hikes." **Against this backdrop, investors are forced to seek a balance between high inflation and weak growth.** As summarized by Goldman Sachs analyst Tony Pasquariello, the longer the geopolitical conflict drags on, the more vulnerable the market becomes to genuine growth fears. ### 相關股票 - [BP p.l.c. 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