Wall Street closes lower, as war on Iran fuels inflation worries

STORY: Wall Street's main indexes ended lower on Friday, with the Dow dropping about a quarter of a percent, the S&P 500 shedding more than half a percent and the Nasdaq losing almost one percent.All three major indexes also logged weekly declines...and the small-cap Russell 2000 index closed at its lowest level of the year so far.Still, Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments, said strong corporate fundamentals should keep this market trending higher in the wake of geopolitical strife."I view this as an opportunity, as it always has been historically, but also because not only was earnings season excellent, that's backward looking, but guidance was remarkable and margins are at historic highs. So I think you want to be 'long' this market, use this as an opportunity to switch around your portfolio, add to the leaders."Stocks on the move included software maker Adobe, which slid 7.5% after the company's longtime CEO said he will leave his role once a successor is appointed, renewing worries over potential AI disruption.Shares of Meta Platforms fell nearly 4% following a report that said the social media giant has postponed the release of its AI model "Avocado" to at least May.And shares of Ulta Beauty slumped more than 14% as rising costs deepened margin fears, with the company's new CEO flagging potential impact from global conflicts.