Markets Rattled by Rapid Reports:
Markets see-sawed through another volatile week, leaving investors struggling to keep up as they responded to rapid developments in the Middle East and public comments from leaders on the conflict.
The S&P 500 Index lost 1.89% while the Nasdaq Composite Index fell 2.07%. The Dow Jones Industrial Average declined 2.11%. The MSCI EAFE Index, which tracks developed overseas stock markets, dropped 2.01%.1,2
Source: Bloomberg Finance, L.P. (Performance data normalized 03/13/26 = 0)
Under Pressure
Stocks rebounded to start the week while oil prices eased. Investors kept one eye on potential bargains and the other on the Middle East conflict. Reports of a coalition of countries possibly joining to escort tankers out of the Persian Gulf also gave investors something to cheer.3
Stocks continued their rebound as investors cautiously awaited more developments in the conflict. Markets largely looked past attacks on tanker ships in and around the Strait of Hormuz, through which one out of every five barrels of the world’s oil exports pass.4
An unexpectedly warm wholesale inflation reading and the Fed’s decision to hold interest rates steady contributed to pressure on stock prices.
Stocks continued their slide on Thursday, albeit at a slower pace, as optimism that the Strait of Hormuz would reopen soon began to wane. However, markets managed to curb losses in a late-day relief rally.5,6
Stocks opened lower on the final trading day of the week but stabilized midday. However, after Iran declared force majeure on all foreign-owned oilfields later in the session, stocks came under pressure again as the week closed out.7
Sources: U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Charles Schwab
Fed’s Dot Plot
The Federal Reserve held the Fed funds rate steady at the current 3.5% to 3.75% target range. In his press conference, Fed Chair Powell said inflation wasn’t declining as much as policymakers had hoped or projected. The Fed’s “dot plot” (voting members’ medium- to long-term projections on GDP, inflation, and employment) suggests that an adjustment to rates before year-end may still be on the table.8
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 20, 2026
2Investing.com, March 20, 2026
3CNBC.com, March 16, 2026
4CNBC.com, March 17, 2026
5WSJ.com, March 18, 2026
6CNBC.com, March 19, 2026
7CNBC.com, March 19, 2026
8WSJ.com, March 18, 2026
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