WEEKLY MARKET RECAP – APRIL 2, 2026
Major U.S. stock indexes rebounded, gaining between 3% and 4% for the week and breaking a five-week losing streak. Markets were driven largely by ongoing conflict in the Middle East, which fueled a strong rally on Tuesday and heightened volatility throughout the holiday-shortened week.
Geopolitical tensions intensified after a brief lull, renewing concerns about potential disruptions to oil shipments through the Strait of Hormuz. U.S. crude climbed to around $112 per barrel on Friday—its highest level since mid-2022 and well above the $90 to $100 range seen through most of March.
Labor market data surprised to the upside. The U.S. added 178,000 jobs in March, exceeding economists’ expectations and rebounding from February’s revised loss of 133,000 jobs. The unemployment rate edged down to 4.3% from 4.4%. The report was released Friday while markets were closed for a holiday.
Despite the week’s gains, March was a difficult month for equities. The S&P 500 and NASDAQ each declined about 5%, marking a second straight monthly loss, while the Dow also dropped more than 5%, ending a 10-month streak of gains. For the first quarter of 2026, all three indexes posted their largest quarterly declines in nearly four years.
Tuesday’s rally accounted for much of the week’s advance, with the major indexes recording their biggest single-day percentage gains since last May. The NASDAQ rose 3.8%, the S&P 500 gained 2.9%, and the Dow advanced 2.5%.
In fixed income markets, Treasury yields eased, ending a four-week run of increases. The 10-year Treasury yield declined to about 4.30% from 4.43% the previous week, though it remained well above the late-February low of 3.96%.
Gold prices rebounded modestly after March’s pullback, rising nearly 4% for the week to around $4,700 per ounce. However, the metal remains below its late-January record of approximately $5,500.
Looking ahead, first-quarter earnings season is set to begin in mid-April. Analysts surveyed by FactSet now expect S&P 500 companies to deliver average earnings growth of about 13.2%, up from roughly 12.5% just a few weeks earlier—potentially marking a sixth consecutive quarter of double-digit growth.
Major U.S. Economic Reports
| Report | Period | Actual | Previous |
| S&P Cotality Case-Shiller home price index (20 cities) | Jan. | 1.2% | 1.4% |
| Chicago Business Barometer (PMI) | March | 52.8 | 57.7 |
| Job openings | Feb. | 6.9 million | 7.2 million |
| Consumer confidence | March | 91.8 | 91.0 |
| ADP jobs | March | 62,000 | 66,000 |
| U.S. retail sales (delayed report) | Feb. | 0.6% | -0.1% |
| Retail sales minus autos | Feb | 0.5% | 0.0% |
| S&P final U.S. manufacturing PMI | March | 52.3 | 51.6 |
| ISM manufacturing | March | 52.7% | 52.4% |
| Business inventories (delayed report) | Jan. | -0.1% | 0.0% |
| Initial jobless claims | March 28 | 202,000 | 211,000 |
| U.S. trade deficit | Feb. | -$57.3 billion | -$54.7 billion |
| U.S. employment report | March | 178,000 | -133,000 |
| U.S. unemployment rate | March | 4.3% | 4.4% |
| U.S. hourly wages | March | 0.2% | 0.4% |
| Hourly wages year over year | 3.5% | 3.8% | |
| S&P final U.S. services PMI | March | 49.8 | 51.7 |
Closing Prices for the Week
| Contract | Close |
|---|---|
| Dow Jones Industrials Average | 46,504.67 |
| Nasdaq Composite | 21,879.18 |
| S&P 500 Index | 6,582.69 |
| CBOE Volatility Index | 23.87 |
| S&P GSCI | 771.82 |
| U.S. Dollar Index | 100.028 |
| 10-Year T-Note (Jun ’26) | 110-245 |
| Crude Oil WTI (May ’26) | 111.54 |
| Natural Gas (May ’26) | 2.800 |
| Gold (Jun ’26) | 4,679.7 |
| Silver (May ’26) | 72.924 |
| Corn (May ’26) | 452-2 |
| Wheat (May ’26) | 598-2 |
| Soybean (May ’26) | 1163-4 |
| Coffee (May ’26) | 295.40 |
| Sugar #11 (May ’26) | 15.00 |
| Cocoa (May ’26) | 3,245 |
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