A worsening blockade in the Strait of Hormuz has paralyzed global energy supply lines and sent Wall Street into a steep correction. Spiking crude oil prices triggered intense fears of global stagflation on Friday. The Nasdaq and Dow Jones both formally entered correction territory. They closed out their fifth consecutive week of heavy losses. But in an unexpected divergence, the Argentine market broke away from the global sell-off.
The Merval index closed in positive territory. The domestic surge was fueled by a massive legal victory in the United States. The U.S. Second Circuit Court of Appeals in Manhattan annulled an unprecedented $16.1 billion judgment against the Argentine sovereign state. The original ruling punished Argentina for its 2012 expropriation of the state-owned oil company, YPF. The appellate court dismantled that penalty late Friday afternoon.
The Burford Crash and YPF Rally
The financial fallout was instant. Burford Capital, the litigation funding firm that purchased the rights to sue Argentina, watched its stock collapse. Shares of Burford dropped 40% on Wall Street. The stock bottomed out at $4.90.
Investors rapidly shifted capital back into Argentine energy. YPF’s American Depositary Receipts (ADRs) jumped between 5.4% and 7%. The receipts reached approximately $43 by the closing bell.
Market Close 03/27 (4:07 PM ET) – Top Losers
(stocks over $250M market cap)$BUR -46.5%
Burford Capital Shares Plummet Amid US Court Ruling Favoring Argentina in YPF Matter$RCKT -20.0%
Rocket Pharmaceuticals Stock Plunges Amid Funding-Related Selling$ROMA -18.1%
Roma…— SpikeRadar (@SpikeRadar) March 27, 2026
The YPF victory arrives alongside a broader accumulation of domestic capital. Argentina’s Central Bank (BCRA) reported it just surpassed $4 billion in accumulated foreign reserve purchases for the year.
Sovereign Bonds Feel the Global Pressure
The equity euphoria did not protect Argentina entirely from the Middle East shockwave. While YPF and energy stocks rallied, Argentine sovereign bonds slipped.
The bond sell-off pushed the nation’s country risk index back above a key psychological threshold. The metric rose to between 606 and 610 basis points. Investors holding sovereign debt remain highly sensitive to the broader global anxiety over the Hormuz crisis, overriding the localized legal win.