Weekly Market RecapWeek Ending March 13, 2026The Big PictureIt was another bruising week on Wall Street as the Iran conflict continued to dominate headlines and investor sentiment. U.S. equities finished the week lower, with the S&P 500 down 0.6%, the Dow losing 0.3%, and the Nasdaq 100 shedding 0.7%, as markets struggled to maintain their footing amid the intensifying regional conflict and persistent energy market volatility. This marks a third consecutive week of losses for major benchmarks. EquitiesThe major indices remain under pressure from the geopolitical overhang. Software giants led the decline — most notably Adobe, which plunged 7.6% after a guidance miss and CEO departure — while Meta, Palantir, and Oracle dropped between 3.8% and 1.7%. Investors gravitated toward the dollar, pushing benchmarks lower while high energy costs forced markets to reprice 2026 rate expectations. Yields climbed despite weak Q4 GDP, heavily pressuring credit-sensitive sectors. The Dow tumbled more than 700 points at one point mid-week, touching a new 2026 low below 47,000, as investors remained wary of the war's impact on oil prices. Energy & CommoditiesOil was the week's wildest ride. Prices spiked to nearly $120 a barrel at the height of fear around the Iran conflict early in the week, then dropped sharply after Energy Secretary Chris Wright said in a since-deleted social media post that the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz. Brent crude finished the week above $90 per barrel, reflecting both escalating tensions and the severe disruption of shipping traffic through the Strait of Hormuz. The average price per gallon of unleaded gas climbed to about $3.54 — the highest level since mid-2024 and a 21% increase from a month ago. Inflation & The FedInflation data offered little comfort. The January PCE price index rose 0.3% from December, while core PCE climbed 0.4%, matching December's 10-month high. On an annual basis, core PCE rose 3.1%, still well above the Fed's 2% goal. The Fed now finds itself in an uncomfortable spot — elevated inflation, a softening labor market, and geopolitical uncertainty all pulling in different directions. Traders have toned down their rate cut expectations for the year amid stagflation fears, now pricing in only a December cut. Fixed IncomeBonds had a difficult week alongside stocks. Municipals experienced their worst week of the year as the Middle East conflict intensified. Fears of inflation spread quickly through bond markets, and benchmark yields on the AAA MMD scale rose by as much as 15 basis points by Tuesday's close. The Week AheadAll eyes turn to the Federal Reserve. The FOMC rate decision is scheduled for Wednesday, March 18, alongside the Bank of Japan rate decision, followed by the ECB on March 19. A rate cut is virtually off the table, but traders will be looking for any clues on the Fed's path forward for the rest of the year. Also on deck: Nvidia's GTC conference runs March 16–19, and earnings are expected from Dollar Tree, lululemon, Micron Technology, General Mills, FedEx, and Darden Restaurants. Bottom line: Geopolitics, energy, and a Fed caught between its dual mandates are defining this market moment. Volatility is likely to remain elevated until there's greater clarity on the Iran conflict and its ripple effects through energy and inflation data. Weekly Market Recap Link Work With Me Important Disclosures Disclosures This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk, including loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss. Please review your specific circumstances with us before making any changes to your portfolio.
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