WEEKLY MARKET RECAP – MARCH 20, 2026

Early-week gains faded, and major U.S. stock indexes ended the week down about 2%. The fourth consecutive weekly decline left the S&P 500 roughly 6.8% below its late-January record high. The NASDAQ fell to 9.6% below its October 2025 peak, approaching the 10% threshold that defines a market correction.

Gold prices dropped nearly 10%, marking a third straight weekly decline and pausing a rally that had been in place since early 2025. Futures traded near $4,500 per ounce on Friday, well below the record above $5,500 reached in late January.

Treasury prices also declined for a third week, pushing yields higher. The 10-year Treasury yield rose to 4.39%, its highest level in roughly eight months, while the 2-year yield climbed more sharply to 3.90% amid concerns about persistent inflation and fewer potential rate cuts.

The Federal Reserve left its benchmark rate unchanged for a second consecutive meeting, in line with expectations. Policymakers still anticipate one additional rate cut this year, though Chair Jerome Powell emphasized ongoing concerns about inflation and broader economic and geopolitical uncertainty.

Oil prices stabilized following two weeks of sharp gains but remained elevated. U.S. crude traded near $99 per barrel on Friday, slightly above the prior week’s level and well above the late-February low near $65. For the year to date, oil has risen approximately 74%.

Globally, other central banks also held steady. Monetary authorities in Japan, the United Kingdom, Sweden, and Switzerland all kept policy rates unchanged, reflecting shared concerns about inflation pressures.

Inflation risks were reinforced by wholesale price data. The Producer Price Index rose 0.7% in February, exceeding expectations of 0.3% and January’s 0.5% increase. On a year-over-year basis, producer prices climbed 3.4%.

Looking ahead, earnings expectations remain strong. With first-quarter reporting season approaching, analysts surveyed by FactSet project S&P 500 companies will deliver year-over-year earnings growth of about 12.5%, which would mark a sixth consecutive quarter of double-digit gains.