Another volatile week unfolded as rapid developments in the Middle East and public comments from leaders on the conflict see-sawed markets, leaving investors struggling to keep up with updates. Last week, the Standard & Poor’s 500 Index lost 1.90%, marking its fourth weekly loss in a row, as the war in Iran continued. The S&P 500 ended Friday's session at 6,506.48. The index has lost 5.4% in March and is down around 5% for the year to date. The Nasdaq Composite Index fell 2.07%. The Dow Jones Industrial Average declined 2.11%. The MSCI EAFE Index, which tracks developed overseas stock markets, dropped 2.01%.1,2 Under PressureThe US-Israel war with Iran neared the three-week mark with no clear end in sight. The US sent more Marines to the Middle East while Iran's new supreme leader said "safety must be taken away" from the country's top enemies. Oil prices have climbed as the Strait of Hormuz remains effectively closed, disrupting energy supplies and triggering inflation concerns. However, just prior to this release, a cease fire appears to be in play helping to stabilize markets and tamp down oil prices. Data released Wednesday showed US producer prices rose at the fastest pace in seven months in February amid notable spikes in wholesale costs of food and energy, as markets braced for higher inflation due to the Iran war. Also on Wednesday, the Federal Reserve's Federal Open Market Committee kept its monetary policy steady amid uncertainty around the Middle East conflict. "The implications of developments in the Middle East for the US economy are uncertain," the FOMC said Wednesday. Most sectors in the S&P 500 fell this week, led by a 5% loss in utilities and declines of 4.5% each in materials and consumer staples. Real estate fell 4%, while health care shed 3% and consumer discretionary lost 2.7%. Technology, industrials, and communication services also declined. Constellation Energy (CEG) was among the top weekly decliners in utilities, falling 6.6%. The company said it is selling a portfolio of PJM generation assets to LS Power Equity Advisors in a deal valued at $5 billion, as part of antitrust commitments related to its acquisition of Calpine. Mosaic (MOS) had the largest percentage loss of the week in materials, sliding 20%. The fertilizer company is faced with a delay in margin expansion from rising raw material costs due to the conflict in Iran, BofA Securities said in a note. "We are downgrading MOS to neutral from buy as margin expansion in phosphate fertilizers is likely delayed a year," the report said. In consumer staples, McCormick (MKC) shares fell 8.7% as the company said it is engaged in discussions for a potential acquisition of Unilever's (UL) food business. McCormick said the discussions are ongoing and there is no certainty that a deal will be reached. Just two sectors rose: Energy climbed 2.8%, and financials eked out a 0.4% increase. The top gainers in the energy sector included APA Corp. (APA), up 13%, and Baker Hughes (BKR), up 11%. Baker Hughes said it received a 60-month service award from Petrobras (PBR) to support critical turbomachinery equipment for offshore operations in Brazil and a major refinery. Next week, earnings reports are expected from companies including GameStop (GME), Core & Main (CNM), PDD Holdings (PDD), Cintas (CTAS), and Carnival (CCL, CUK). Economic data will include a revised report on Q4 productivity, the February import price index, and a final reading on March consumer sentiment. |
 |
Source: YCharts.com, March 21, 2026. Weekly performance is measured from Monday, March 16, to Friday, March 20. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points. |
Fed’s Dot PlotThe Federal Reserve held the Fed funds rate steady at the current 3.5 to 3.75 percent target range. In his press conference, Fed Chair Powell said inflation wasn’t declining as much as policymakers had hoped or projected. The Fed’s “dot plot” (voting members’ medium- to long-term projections on GDP, inflation, and employment) suggests that an adjustment to rates before year-end may still be on the table.8 This Week: Key Economic DataMonday: Construction Spending* (Jan). Tuesday: Productivity* (Q4, revised). PMI—Services. PMI—Manufacturing. Wednesday: Import Prices. Thursday: Weekly Jobless Claims. Friday: Consumer Sentiment (final). * indicates federal data release delayed by the government shutdown Source: Investors Business Daily - Econoday economic calendar; March 20, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision. This Week: Companies Reporting EarningsWednesday: Cintas Corporation (CTAS). Friday: Carnival Corporation (CCL) Source: Zacks, March 20, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice. |
 |
"Only with a burning patience can we conquer the splendid city which will give light, justice and dignity to all mankind." – Pablo Neruda |
 |
Errors to Avoid When Filing Your Extended Tax ReturnIf you file an extension of your tax return, it’s essential to avoid the common errors described below to submit a complete and accurate tax return:
This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov9 |
 |
Yoga for StabilityYou don’t have to pull out the yoga mat or put on your designer leggings to enjoy this practice's many benefits. Even if you’ve never done yoga before, these poses may help you improve your balance and stability:
Tip adapted from SilverSneakers.com10 |
 |
What comes at the end of a rainbow? Last Week's Riddle: As I age, my height changes, but not my importance. Your hand guides me, and I help articulate what you want to say. When we part, I am not important or useful to you. What am I? Answer: A pencil. |
 |
 |
Wonder Lake Near Denali Mountain, Alaska |
Footnotes And Sources1. WSJ.com, March 20, 2026 12. MT Newswires, YCharts.com, March 16 - 20, 2026 |
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.
Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
Copyright 2026 FMG Suite.