S&P 500 – 6,528.52 (+2.91%)

Dow Jones – 46,341.51 (+2.49%)

NASDAQ – 21,590.63 (+3.83%)

• Market Rally on Iran Peace Hopes: U.S. stocks moved higher on Tuesday as reports suggested President Trump may be open to ending U.S. military operations in Iran, even if the Strait of Hormuz remains closed. Gains were broad-based, with technology and communication services leading the rally, both up more than 4%, lifting the Nasdaq 3.8%, the S&P 500 2.9%, and the Dow 2.5%. Treasury yields edged lower, with the 10-year at 4.32% and the 2-year at 3.79%, while expectations for rate cuts by year-end rose to roughly 20% from nearly zero last week.
• Consumer Sentiment and Labor Market: Consumer confidence improved in March, with the Conference Board’s gauge rising to 91.8 from 91.2, surpassing economist expectations of 87.9. The present situation reading also increased to 123.3 from 120, above expectations of 118. Meanwhile, February saw the lowest hiring rate since April 2020, with U.S. hires falling to 4.8 million, down 387,000 year-over-year.
• Energy Pressures Persist: Oil prices remained elevated above $100 per barrel due to ongoing uncertainty around the Strait of Hormuz. While equities benefited from potential de-escalation in Iran, geopolitical risks remain high, highlighted by a recent Iranian strike on a tanker near Dubai and severely reduced tanker traffic. Goldman Sachs and Moody’s warn that rising energy costs could weigh on consumer spending growth in 2026.
• Tech Movers: Shares of Marvell Technology (MRVL) jumped more than 9% after Nvidia (NVDA) announced a $2 billion investment to expand their AI infrastructure partnership. Meta Platforms (META) advanced further after reports that the company is testing a premium subscription tier for Instagram. Software stocks, including ServiceNow (NOW), Salesforce (CRM), and Adobe (ADBE), also attracted buyers after recent declines, while Palo Alto Networks (PANW) gained on news of a large CEO share purchase.
• Corporate Highlights and M&A: McCormick (MKC) rose after reporting better-than-expected quarterly results. Apellis Pharmaceuticals (APLS) surged following Biogen’s (BIIB) $5.6 billion acquisition offer. Constellation Energy (CEG) fell after its 2026 guidance matched expectations, and CoreWeave (CRWV) jumped 5% after securing $8.5 billion in financing to expand its AI cloud platform. Micron Technology (MU) fell nearly 10%, pressured by AI competition and pricing concerns. Berkshire Hathaway (BRK.B) recorded its longest losing streak in over seven years.
• Commodities: Mining companies benefited as silver and copper prices rose. Gold futures bounced nearly 3%, hovering around $4,670 per ounce, although they are on track for the biggest monthly loss since 2013.

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“Peace is not the absence of conflict, but the ability to cope with it.”

— Mahatma Gandhi

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Notable Stocks

• Nvidia (NVDA)
• Microsoft (MSFT)
• Meta Platforms (META)
• McCormick (MKC)
• Constellation Energy (CEG)

Weekly Notables

Microsoft Posts Worst Quarter Since 2008 as AI Concerns Rattle Investors

Microsoft shares tumbled 23% in the first quarter, marking the company’s steepest decline since the 2008 financial crisis, as investor concerns around artificial intelligence strategy weighed heavily on sentiment. “Mounting doubts about AI returns and product adoption are driving the selloff.” Investors are increasingly questioning whether Microsoft’s massive investments in AI infrastructure will generate sufficient returns, while adoption of its Copilot assistant has lagged behind competing offerings.

McCormick and Unilever Foods to Merge in $20B Global Flavor Deal

McCormick & Company and Unilever announced plans to combine McCormick with Unilever’s Foods business, creating a global flavor leader with about $20 billion in revenue. “The deal is expected to boost growth, margins, and earnings in its first full year.” The combined company will be led by McCormick, while Unilever shareholders will hold a majority stake.

Earnings Spotlight: Conagra Brands (CAG)

Conagra Brands (CAG) is expected to report Q3 2026 earnings on April 1, with analysts forecasting a decline in revenue to $2.77 billion (down 2.6%) and earnings of 40 cents per share (down 21.6%). High input costs and increased promotional spending are offsetting improvements in frozen and snack volumes, leading to expected top and bottom-line pressure.

What's Ahead

Labor market data will be a key focus for the rest of the week. February JOLTS job openings came in as expected, with ADP employment data for March due Wednesday and the nonfarm payrolls and unemployment report set for Friday. 

April 1: March ISM Manufacturing PMI®, March ADP employment, February construction spending, and expected earnings from Conagra (CAG).
April 2: February factory orders.
April 3: March nonfarm payrolls, March unemployment, equity markets closed for Good Friday and bond trading ends early.
April 6: No major earnings or data expected.
April 7: No major earnings or data expected.