Stocks ended a challenging week lower as investors' attention shifted from updates on ceasefire talks to concerns about the economic impact of a protracted conflict. The Standard & Poor’s 500 Index lost 2.12% marking its fifth consecutive weekly loss and putting the market benchmark on track for its largest monthly loss in three and a half years. The S&P 500 ended Friday's session at 6,368.85 and is now down 7% for the year. The Nasdaq Composite Index fell 3.23% closing Friday's session at 20,948.36, down about 10.5% YTD. The Dow Jones Industrial Average slid 0.90% closing Friday's session at 45,166.64, down about 5.65% YTD. The MSCI EAFE Index, which tracks developed overseas stock markets, ended the week flat (-0.05%).1,2 Challenging WeekFriday's closing level for the S&P 500 marks a 7.4% drop from where it ended February. The index hasn't lost that much in a month since September 2022, when it lost 9.3%. There are just two trading days remaining in the month. The loss for March would also represent the S&P 500's biggest drop for the month since 2020, when the Covid-19 pandemic led to shutdowns across the country. The declines have come amid the US-Israel war with Iran, which has contributed to market uncertainty and a surge in oil prices. This week, US President Donald Trump announced delays for strikes on Iran's energy sector, but the US has also been sending more troops to the Middle East. Data released on Friday by the University of Michigan showed US consumer sentiment this month reached its lowest level since December, while year-ahead inflation expectations had the largest one-month gain since April amid concerns about the ongoing Middle East conflict. Communication services had the largest weekly drop by sector, falling 7.2%, followed by a 3.5% decline in technology and a 2.1% slip in financials. Consumer discretionary, industrials, health care and real estate also moved lower. Shares of Facebook parent Meta Platforms (META) and Google parent Alphabet (GOOGL) weighed on communication services as both were found liable by a jury for a 20-year-old woman's alleged addiction to their social media platforms. Meta's shares fell 11% on the week while Alphabet's shares slid 8.9%. Micron Technology (MU) had the largest percentage drop of the week in the technology sector, falling 16% amid a Nikkei Asia report that the company is in talks with Japan Display to acquire an LCD panel production plant in Japan. The report, which cited people familiar with the matter, said Micron could use the facility to assemble and test chips. Sector SpotlightOn the upside, however, energy jumped 6.2%, followed by a 4.2% rise in materials and a 2.9% advance in utilities. Consumer staples also edged up 1.2%. Some investors have turned to energy stocks during the volatility. At the close of trading, 19 energy stocks in the S&P 500 traded at their 52-week highs.6 SLB Ltd. (SLB) and APA Corp. (APA) led the energy sector's gainers as crude oil futures continued to climb. SLB rose 15% while APA added 14%. Earnings reports are expected next week from companies including Nike (NKE), McCormick (MKC) and ConAgra Brands (CAG). The US stock market will be closed on Friday for the Good Friday holiday. The government's March employment report -- one of the most closely watched economic reports -- will still be released that morning. Buying Opportunities?The S&P 500, NASDAQ composite, and Dow Jones Industrial Averages or Indexes from a technical standpoint are all in oversold territory with the daily and weekly RSI, ADX, MACD, and Full Stochastic Oscillators potentially marking a long-term buying opportunity. There are also high quality companies with great cash flows selling at a discount as valuations have come down and are being repriced, representing potential long-term buying or rebalancing opportunities. As a reminder, since WW2, there have been 37 US equity market corrections of 10% or more, 13 of which have been bear market corrections (peak to trough declines of 20% or more). In fact, there have been three distinct bear market corrections in excess of 20% over the last five years alone. All of which are buying opportunities. Modeling-out into the future upon the resolution of some of the matters and the resumption of non-worse-case scenarios being priced in, the market should rip higher, when it does, it likely will be very quick. A bit further down the road, I believe investors may celebrate not selling (holding certain positions) as well as the averaging-in (buying into lower price points) during times where certain investors are most fearful. |
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Source: YCharts.com, March 28, 2026. Weekly performance is measured from Monday, March 23 to Friday, March 27. 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. |
Comments by Jerome Powell at Harvard University | AI, Future Employment, Private CreditFederal Reserve Chair Jerome Powell told students at Harvard University that he was optimistic about their long-term employment prospects, despite the proliferation of AI. “There’s no denying it’s a challenging time to enter the labor market, but it may take some patience and all that, but in the longer term, this economy is going to give you great opportunities,” Powell said during a talk with students on Monday, according to Bloomberg. Powell said that while the U.S. economy was undergoing structural changes due to AI and other advances, it remained dynamic. Bloomberg noted the unemployment rate for 20- to 24-year-olds was 7.4% after hitting over 9% last year. Powell doesn't see private credit market concerns posing systemic risk Federal Reserve Chair Jerome Powell told students at Harvard University on Monday that he didn't believe stress in the private credit markets posed a systemic risk, adding that banks were aware of their exposures. “We’re looking for connections to the banking system and things that might result in contagion,” Powell said during a talk at Harvard, according to Bloomberg. “We don’t see that right now. What we see is a correction going on. It doesn’t seem to have the makings of a broader systemic event.” Powell noted private credit was a relatively small slice of the asset pool and that the Fed was watching it "super carefully." Goldman Sachs: War-driven sell-off improves setup for U.S. stocks ahead of key earningsAfter investors reduced exposure to U.S. equities last week, the distribution of near-term outcomes has improved, according to Goldman Sachs strategists. They said the first-quarter earnings season in mid-April will be key in providing clarity on the outlook and the impact of the Middle East conflict. The team led by Ben Snider expects S&P 500 earnings to grow at a solid 12% this year, barring a severely prolonged disruption, with AI investment presenting a key tailwind, Bloomberg reported. Outside of tech, the key question is the extent to which elevated energy prices and supply chain disruption weigh on corporate profits, especially via margins. Given this, guidance and commentary are likely to garner more attention than actual results this quarter, the report added. Early Q1 reporters have issued promising results, leading analysts to raise 2026 EPS estimates for most S&P 500 companies that have reported during the past month. The bank’s US equity market sentiment indicator is posting its lowest reading since August last year, improving the near-term outlook; however, positioning at current levels still appears “insufficient to drive the market higher without an improvement in the fundamental outlook,” according to the report. According to TMC Research, the stock market’s decline since the Iran war "started isn’t surprising, but some market observers have been puzzled by the gradual, orderly slide in equities to date." This Week: Key Economic DataMonday: New York Fed President John Williams speaks. Tuesday: S&P/Case Shiller Home Price Index* (Jan.). Consumer Confidence. Job Openings. Fed speeches: Austan Goolsbee (Chicago), Michael Barr, Michelle Bowman. Wednesday: Retail Sales* (Feb.). ADP Employment Report. Business Inventories* (Jan.). PMI—Manufacturing. ISM Manufacturing. EIA Petroleum Status Report. Fed speeches: Alberto Musalem (St. Louis), Michael Barr. Thursday: Weekly Jobless Claims. Trade Deficit (Feb.). Fed official Lorie Logan speaks. Factory Orders. EIA Natural Gas Report. Motor Vehicle Sales. Fed Balance Sheet. Friday: Employment Report. PMI—Services. * indicates federal data release delayed by the government shutdown Source: Investors Business Daily - Econoday economic calendar: March 27, 2026. This Week: Companies Reporting EarningsWednesday: Nike, Inc. (NKE), McCormick & Company, Incorporated (MKC/MKC.V) Source: Zacks, March 27, 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. |
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"Self-pity in its early stages is as snug as a feather mattress. Only when it hardens does it become uncomfortable." – Maya Angelou |
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IRS Program Helps Seniors Prepare TaxesThe Internal Revenue Service (IRS) offers a Free File tool that provides online tax preparation, direct deposit of refunds, and electronic filing choices. This tool can be helpful for taxpayers on a fixed budget, including seniors and retirees. Here are some things to know about the tool: IRS Free File is available at IRS.gov and features some of the biggest names in tax software. To use the tool, taxpayers can browse multiple offers. The eligibility standards for Free File vary by tax partner but are usually based on income, age, and state residency. 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.gov7 |
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I sleep by day and fly by night, with no feathers to aid my flight. What am I? Last Week's Riddle: What comes at the end of a rainbow? Answer: The letter W. |
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Vanessa Virginiensis (American Lady Butterfly) Eastampton, NJ, United States |
Footnotes And Sources1. WSJ.com, March 27, 2026 9.MT Newswires, YCharts.com, March 23 -27, 2026 10. Seeking Alpha, March 30, 2026 11. Northbound Wealth Management, Brent Foster, CEO, March 30, 2026 |
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