Markets Weather Volatile Week:
Stocks fell for the third consecutive week as investors processed the latest news from the Middle East, navigated increased volatility, and considered recent economic data.
The S&P 500 Index declined 1.60%, while the Nasdaq Composite Index lost 1.26%. The Dow Jones Industrial Average fell 1.99%. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 2.28%.1,2
Source: Bloomberg Finance, L.P. (Performance data normalized 03/06/26 = 0)
Middle East
Markets got a volatile start to the week, with stocks falling and oil prices rising as commercial maritime traffic heading out of the Persian Gulf through the Strait of Hormuz remained at a virtual standstill. But stocks rebounded late in the day after the White House said the conflict may end sooner than expected.3
Stocks dropped at Tuesday’s opening bell, but mostly recovered after word spread that a group of countries, including the U.S., were considering a coordinated release of strategic oil reserves to counter supply disruptions. Markets generally went sideways midweek as news that the Consumer Price Index (CPI) held steady last month buoyed spirits.4,5
As the week progressed, all three major averages fell, and oil prices hit all-time closing highs. Investors grew increasingly concerned over the impact of oil supply disruptions on the broader global economy, with the Strait of Hormuz remaining a concern. Bond yields rose as investors believed a prolonged conflict would keep oil prices high, increasing the chance of higher inflation.6
Market sentiment continued to struggle as the week wrapped up, but declines slowed despite a downward revision to Q4 gross domestic product (GDP) growth7
Sources: U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Charles Schwab
Stubborn Inflation
With all the updates on the Middle East conflict, it was easy to miss other news last week.
Wednesday’s report that the CPI remained unchanged in February over the prior 12 months was good news. But it was the last bit of inflation data before the conflict in the Middle East began. Friday’s Personal Consumption & Expenditures Index, the Fed’s preferred inflation measure, showed that consumer prices remained sticky in January. Investors largely took this report in stride because delayed reports tend to lose their impact with time.8,9
This Week: Key Economic Data
Source: Bloomberg Finance L.P.
This Week: Companies Reporting Earnings
Source: EarningsWhispers
Author
Gary Aiken
Chief Investment Officer
Concord Asset Management
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Footnotes and Sources
1WSJ.com, March 13, 2026
2Investing.com, March 13, 2026
3CNBC.com, March 9, 2026
4CNBC.com, March 10, 2026
5CNBC.com, March 11, 2026
6WSJ.com, March 12, 2026
7WSJ.com, March 13, 2026
8CNBC.com, March 11, 2026
9WSJ.com, March 13, 2026
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