WEEKLY MARKET RECAP – MARCH 6, 2026

U.S. stocks declined for a second consecutive week as escalating conflict in the Middle East, surging oil prices, and a weaker-than-expected jobs report pressured markets. The Dow dropped 2.9% on a total return basis, the S&P 500 fell 2.0%, and the NASDAQ lost 1.2%.

Rising tensions in the Middle East disrupted energy markets, sending oil prices to their highest levels since September 2023. With shipments through the Strait of Hormuz sharply reduced, U.S. crude climbed to about $91 per barrel late Friday, up from $67 just a week earlier.

Labor market data added to investor concerns. The economy lost 92,000 jobs in February, surprising economists who had expected a gain of roughly 50,000. The decline marked the third monthly drop in employment over the past five months, and payroll figures for December and January were revised downward by a combined 69,000 jobs.

International equities suffered steeper losses than U.S. markets. Both the MSCI EAFE Index, which tracks developed markets outside the U.S., and the MSCI Emerging Markets Index fell nearly 7% for the week.

Treasury prices also declined, pushing yields higher as rising oil costs fueled concerns about renewed inflation pressures. The 10-year U.S. Treasury yield ended Friday at 4.15%, up from 3.96% the previous week when yields had fallen to their lowest levels in more than four months.

Market volatility surged. The Cboe Volatility Index climbed to 29.5 on Friday afternoon, its highest level since the tariff-driven spike in volatility last spring and roughly 48% above the prior week’s closing level.

Corporate earnings remained a bright spot. According to FactSet, S&P 500 companies delivered average fourth-quarter earnings growth of 14.0% compared with a year earlier, marking the fifth consecutive quarter of double-digit gains. The information technology sector led all industries with earnings growth of 33.0%.

Looking ahead, investors will focus on upcoming inflation data for clearer signals on price trends. A Consumer Price Index report due Wednesday and a Personal Consumption Expenditures reading expected Friday may help reconcile recent mixed signals. The latest CPI report showed inflation easing to a 2.4% annual rate, while the PCE index indicated a 2.9% pace—the fastest increase in nearly a year.