S&P 500 – 6,740.02 (-1.33%)

Dow Jones – 47,501.55 (-0.95%)

NASDAQ – 22,387.68 (-1.59%)

• U.S. Equities: U.S. stocks fell again on Friday as oil prices spiked to their highest levels since January 2025, reflecting investor concern over global energy disruptions.
• Middle East Tensions: Donald Trump signaled that the U.S. may expand military strikes to new targets inside Iran, escalating regional tensions and threatening critical energy infrastructure across the Middle East.
• Oil Market Surge: Global oil prices jumped to record weekly gains, driven by shipping disruptions through the Strait of Hormuz amid the U.S.–Iran conflict, pushing crude toward $90 per barrel and marking the largest weekly increase in over 20 years.
• Corporate AI Update: Google, Microsoft, and Amazon confirmed they will continue offering Anthropic’s AI tools for commercial use despite the U.S. government barring the company from defense-related contracts.
• FDA Leadership Change: Vinay Prasad announced he will step down as head of the FDA’s Center for Biologics Evaluation and Research following criticism from the biotech industry over recent regulatory decisions and uncertainty.
• College Sports Reform: Donald Trump said he plans to issue an executive order to reform college athlete compensation rules after the House v. NCAA settlement expanded payments through name, image, and likeness (NIL) deals.
• Oil Supply Risks: As the Middle East conflict entered its seventh day, market focus remained on oil. Qatar warned Gulf producers could halt output within days, while the U.S. government is considering measures to stabilize prices.
• Safe-Haven Assets: The U.S. dollar strengthened to a three-month high against the euro, while government bonds faced pressure as rising oil prices boosted inflation expectations.
• Labor Market: The U.S. economy unexpectedly lost 92,000 jobs in February, pushing the unemployment rate to 4.4%. Job losses were broad-based across private and government sectors, partially reversing January’s gains.
• Earnings Highlights – Positive: Marvell Technology (MRVL) surged after topping earnings and revenue expectations, with revenue projected to grow nearly 40% to $15 billion in fiscal 2028. Costco (COST) beat earnings projections and met revenue expectations. Samsara (IOT) also jumped after an earnings beat.
• Earnings Highlights – Negative: Gap (GAP) shares plunged after missing fourth-quarter earnings estimates, citing store closures due to U.S. cold and snow, even though revenue met expectations. Defense-related stocks fell despite anticipated weapons demand from the U.S. government.
• Tech Sector Pressures: Nvidia (NVDA) and other chip stocks dropped after Bloomberg reported that draft U.S. regulations could restrict global AI chip shipments without American approval. Dow (DOW) rose after JPMorgan upgraded it to overweight, citing potential near-term gains in polyethylene prices. Berkshire Hathaway (BRK.B) announced a share repurchase plan.
• Cryptocurrency & Metals: Bitcoin (/BTC) dipped slightly but remained above $70,000 amid rising CLARITY Act optimism. Silver and gold inched higher on Friday, although gold remains down from last week despite the ongoing conflict.

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“War does not determine who is right — only who is left.”
— Bertrand Russell

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Notable Stocks

• Nvidia (NVDA)
• Gap (GAP)
• Costco (COST)
• Dow (DOW)
• Apple (AAPL)

Weekly Notables

FDA Vaccine Chief to Step Down After Series of Controversial Decisions

The top U.S. regulator overseeing vaccines and biologic drugs is preparing to leave the Food and Drug Administration after a series of regulatory decisions that have drawn criticism from the biotechnology and pharmaceutical industries. Vinay Prasad, director of the FDA’s Center for Biologics Evaluation and Research, will step down at the end of April, according to an agency spokesperson. The center oversees the review and approval of vaccines, gene therapies, and other biologic treatments.

Oil Jumps 35% in Record Weekly Surge as Middle East Conflict Escalates

Oil prices posted their largest weekly gain since U.S. crude futures began trading in 1983, as escalating conflict in the Middle East heightened fears of a major disruption to global energy supplies. U.S. benchmark West Texas Intermediate (WTI) crude rose 12.2% on Friday, climbing $9.89 to close at $90.90 per barrel. Global benchmark Brent crude gained 8.5%, settling at $92.69 per barrel. For the week, WTI surged 35.6%—the biggest weekly increase on record—while Brent climbed nearly 28%, marking its largest weekly gain since April 2020.

Earnings Spotlight: Hewlett Packard Enterprise (NYSE: HPE)

Hewlett Packard Enterprise (NYSE: HPE) is set to report earnings Monday after the market closes, and the key issue investors are watching is whether its acquisition of Juniper Networks is delivering the expected results. In the company’s most recent quarter, HPE reported networking revenue growth of 150%, largely driven by the Juniper deal. However, net income fell sharply to $305 million from $1.37 billion a year earlier, pressured by integration expenses and a $1.621 billion goodwill impairment tied to its Hybrid Cloud segment. For the first quarter of fiscal 2026, HPE has guided for revenue between $9.0 billion and $9.4 billion. Meanwhile, prediction market activity on Polymarket suggests traders are relatively optimistic, assigning an 87% probability that HPE will beat earnings expectations despite the company’s mixed financial backdrop.

What's Ahead

Economic:

• Monday (Mar. 9): no reports
• Tuesday (Mar. 10): Existing Home Sales, NFIB Small Business Optimism
• Wednesday (Mar. 11): Consumer Price Index (CPI), EIA Crude Oil Inventories, Mortgage Applications Index, Treasury Budget
• Thursday (Mar. 12): Producer Price Index (PPI), Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Factory Orders
• Friday (Mar. 13): PCE Prices, GDP – Second Estimate, Personal Income, Personal Spending, University of Michigan Consumer Sentiment - Preliminary

Earnings:

• Monday (Mar. 9): Annexon Inc. (ANNX), BETA Technologies Inc. (BETA), Casey's General Stores Inc. (CASY), Global Business Travel Group Inc. (GBTG), Hewlett Packard Enterprise Co. (HPE), Korn Ferry (KFY), Vail Resorts Inc. (MTN), Voyager Technologies Inc. (VOYG), ZIM Integrated Shipping Services Ltd. (ZIM)
• Tuesday (Mar. 10): AeroVironment Inc. (AVAV), BioNTech SE (BNTX), Franco-Nevada Corp. (FNV), JOYY Inc. (JOYY), Kanzhun Ltd. (BZ), Legend Biotech Corp. (LEGN), New Gold Inc. (NGD), NIO Inc. (NIO), Oracle Corp. (ORCL), Uranium Energy Corp. (UEC)
• Wednesday (Mar. 11): BBB Foods Inc. (TBBB), Campbell's Co. (CPB), Descartes Systems Group Inc. (DSGX), Driven Brands Holdings Inc. (DRVN), Guardian Pharmacy Services Inc. (GRDN), OppFi Inc. (OPFI), Netskope Inc. (NTSK), Sprinklr Inc. (CXM), UiPath Inc. (PATH)
• Thursday (Mar. 12): Adobe Inc. (ADBE), DICK's Sporting Goods Inc. (DKS), Dollar General Corp. (DG), Full Truck Alliance Co. (YMM), Futu Holdings Ltd. (FUTU), Lennar Corp. (LEN), Li Auto Inc. (LI), Ollie's Bargain Outlet Holdings Inc. (OLLI), Ulta Beauty Inc. (ULTA), Wheaton Precious Metals Corp. (WPM)
• Friday (Mar. 13): Better Home & Finance Holdings Co. (BETR), Buckle Inc. (BKE), Emerald Holdings Inc. (EEX), RLX Technologies Inc. (RLX), VEON Ltd. (VEON)