S&P 500 – 6,368.85 (-1.67%)

Dow Jones – 45,166.64 (-1.73%)

NASDAQ – 20,948.36 (-2.15%)

• Equity Markets: U.S. stocks closed lower on Friday, with declines led by consumer discretionary and financials stocks. The S&P 500 is down over 7% for the year, while the Nasdaq remains in correction territory. Energy once again stood out as the top-performing sector, continuing its strong start to 2026 amid rising oil prices. Globally, Asian markets were mixed, and European markets trended lower.
• Energy Markets: WTI crude prices moved higher amid ongoing disruptions in the Strait of Hormuz. Despite near-term volatility, opportunities continue to emerge across different asset classes.
• Economic Data: The University of Michigan consumer sentiment index for March was revised down to 53.3, below expectations of 54.0. Rising gas prices and market volatility were cited as key drivers. Short-term inflation expectations climbed to 3.8% from 3.4%, raising concerns about persistent price pressures. Meanwhile, the S&P Global U.S. Manufacturing PMI increased to 52.4 from 51.6 in February, above the 51.3 forecast, led by a strong rise in new orders, particularly in export-driven sectors.
• Bond Market: Yields moved higher, with the 10-year Treasury yield approaching 4.44%. The Atlanta Fed’s GDPNow model revised its Q1 GDP estimate down to 2.0% from 2.3% last week.
• Tech & Cybersecurity: Cybersecurity stocks faced heavy selling pressure. CrowdStrike (CRWD) fell ~6% and Palo Alto Networks (PANW) dropped ~4% after reports of security risks tied to a new AI model by Anthropic. Semiconductor and memory stocks also declined sharply after Google (GOOGL) unveiled a new AI model designed to reduce memory requirements. Micron (MU) has now fallen six sessions in a row, while SanDisk, Western Digital, and Seagate each dropped over 1.5%. The PHLX Semiconductor Index (SOX) fell, with Nvidia (NVDA) hitting a three-month low.
• Precious Metals & Crypto: Gold futures hovered near three-month lows under $4,500, influenced by reduced central bank buying. Bitcoin futures (/BTC) also dropped, signaling a broader risk-off sentiment. The Bitwise 10 Large Cap Crypto Index fell 6% week-over-week.
  • Corporate Highlights:
  • Tripadvisor (TRIP) gained following a Bank of America upgrade. 
  • AstraZeneca (AZN) rose on positive clinical trial results for a COPD treatment. 
  • Meta (META) and Alphabet (GOOGL) declined after a Los Angeles jury ruled both liable in a social media addiction case. 
  • Netflix (NFLX) increased subscription prices for the first time since January 2025. 
• Other Key Headlines:
  • Tiger Woods Arrested: The golfer was arrested for a DUI following a rollover crash in Florida, raising questions about his health and potential participation in the upcoming Masters. 
  • Global Trade: WTO members moved forward with the first baseline digital trade rules without full consensus, highlighting progress and ongoing tensions in shaping modern trade frameworks. 
  • Legal News: Bank of America agreed to a $72.5 million settlement with victims of Jeffrey Epstein, part of a series of major legal payouts involving banks linked to his trafficking network.

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“I smile at obstacles.” – Tiger Woods

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Notable Stocks

• Netflix (NFLX) 
• Apple (AAPL)
• Palantir (PLTR)
• Alphabet (GOOGL)
• Nvidia (NVDA)

Weekly Notables

Trump Signs Order to Pay TSA Workers Amid DHS Shutdown Standoff

Donald Trump signed an executive action Friday to ensure Transportation Security Administration employees receive pay after Congress failed to reach a funding agreement for the Department of Homeland Security. The move is aimed at easing mounting disruptions at U.S. airports. In the order, Trump said the administration would use “funds that have a reasonable and logical nexus to TSA operations,” calling the situation an emergency that threatens national security and strains the air travel system. Markwayne Mullin said TSA employees could begin receiving paychecks as soon as Monday.

Buffett Watch: Berkshire’s Losing Streak Extends as Market Pressures Build

Shares of Berkshire Hathaway have declined for eight consecutive trading sessions, marking their longest losing streak in more than seven years. This is the company’s longest stretch of daily losses since December 2018. Both share classes have come under pressure, with Class A shares down 4.7% and Class B shares falling 4.9% since their last gains on March 17. The decline comes amid broader market weakness driven by rising energy prices and geopolitical uncertainty tied to the Iran conflict.

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

Economic:

• Monday (March 30): no reports
• Tuesday (March 31): Chicago PMI, Consumer Confidence, FHFA Housing Price Index, S&P Case-Shiller Home Price Index
• Wednesday (April 1): ADP Employment Change, Construction Spending, EIA Crude Oil Inventories, ISM Manufacturing Index, MBA Mortgage Applications Index
• Thursday (April 2): Business Inventories, Continuing Claims, EIA Natural Gas Inventories, Factory Orders, Initial Claims
• Friday (April 3): Nonfarm Payrolls, Unemployment, Average Hourly Earnings, Average Workweek, ISM Non-Manufacturing Index

Earnings:

• Monday (March 30): Aura Biosciences Inc. (AURA), Bicara Therapeutics Inc. (BCAX), Fermi Inc. (FRMI), ICON PLC (ICLR), Maze Therapeutics Inc. (MAZE), Progress Software Corp. (PRGS), Rezolve AI PLC (RZLV), USA Rare Earth Inc. (USAR)
• Tuesday (March 31): Chagee Holdings Ltd. (CHA), FactSet Research Systems Inc. (FDS), McCormick & Company (MKC), nCino Inc. (NCNO), Nike Inc. (NKE), PVH Corp. (PVH)
• Wednesday (April 1): Cal-Maine Foods Inc. (CALM), Conagra Brands Inc. (CAG), Lamb Weston Holdings Inc. (LW), MSC Industrial Direct Co. (MSM), NovaGold Resources Inc. (NG), RH Inc. (RH), UniFirst Corp. (UNF)
• Thursday (April 2): Acuity Inc. (AYI), AngioDynamics Inc. (ANGO), Lindsay Corp. (LNN)
• Friday (April 3): Trilogy Metals Inc. (TMQ)