March 19, 2026
S&P futures are down 0.1% Thursday morning, following Wednesday’s broad selloff that pushed the S&P 500 to its lowest level since November with ~85% of constituents declining. Weakness was widespread across big tech, metals/miners, and defensives (staples, healthcare). Global markets are under pressure (Japan -3.5%, South Korea -3%, Europe ~-2%), while Treasuries are selling off (front-end yields +4–5 bp, bear flattening). The dollar is slightly higher, gold (-3.7%) and silver (-7.7%) sharply lower, bitcoin -1.4%, and energy surging (WTI +3.1%, Brent +10.5%).
The dominant macro dynamic remains oil up, yields up, equities down, driven by escalating Middle East tensions and prolonged disruption in the Strait of Hormuz. Rising energy prices and a hotter PPI print, alongside a hawkish Powell tone, are reinforcing concerns around persistent inflation and tighter financial conditions. Market structure is also in focus, with de-grossing, renewed hedging demand, and thin liquidity contributing to downside pressure, while the S&P 500 tests key technical support near its 200-day moving average.
On the data front, today brings jobless claims (expected ~215K), Philly Fed manufacturing, and new home sales (-2.7% m/m expected). No major releases are scheduled for Friday.
Company news (highlights):
- Micron Technology (MU) lower post-earnings despite strong results and guidance, reflecting elevated expectations.
- Alibaba (BABA) declined after a fiscal Q3 miss, though AI/cloud growth remained solid.
- Align Technology (ALGN) higher on reports of an Elliott activist stake.
- Five Below (FIVE) rallied on strong comps, improving momentum, and upbeat FY26 guidance.
- Apple (AAPL) highlighted as an AI beneficiary via App Store revenue (~$1B).
U.S. equities sold off Wednesday, with the Dow -1.63%, S&P 500 -1.36%, Nasdaq -1.46%, and Russell 2000 -1.64%, as markets reversed most of the early-week rebound. Risk sentiment deteriorated amid a combination of escalating geopolitical tensions, hotter inflation data, and hawkish Fed messaging. Treasuries sold off, particularly at the front end (2Y +10 bp), leading to curve flattening, while the dollar strengthened (+0.6%). Commodities were volatile with WTI down 1.1% (but rebounding post-settlement) and Brent above $107, while gold (-2.3%) and silver (-3.2%) fell sharply alongside broader risk assets.
Geopolitics remained the dominant driver, with U.S./Israeli strikes on Iran’s South Pars gas field marking an escalation into upstream energy infrastructure. Iran responded with threats targeting Gulf energy assets, including reports of a missile strike on a Qatari LNG facility, raising concerns about prolonged supply disruptions. At the same time, February core PPI surprised to the upside (+0.5% m/m), reinforcing fears that the energy shock could feed into broader inflation.
The FOMC decision was largely in line, with the Fed holding rates at 3.5–3.75% and the dot plot continuing to signal one cut in both 2026 and 2027. However, Powell struck a more hawkish tone, emphasizing that inflation progress has stalled, oil-driven pressures could soon flow into core inflation, and fewer policymakers support aggressive easing. Markets weakened further into the close following the press conference.
Sector Highlights
Sector performance reflected a clear risk-off rotation, with cyclical and consumer-facing sectors leading the downside. Consumer Staples (-2.44%) and Consumer Discretionary (-2.32%) were the worst performers, alongside Materials (-2.25%), as commodity-linked equities and retail names sold off. Healthcare (-1.61%) and Real Estate (-1.60%) also lagged. Even traditional growth leadership came under pressure, with Technology (-1.24%) and Communication Services (-1.12%) declining, though outperforming the broader market on a relative basis. More defensive and rate-sensitive areas held up better, with Utilities (-0.79%) and Industrials (-0.77%) limiting losses, while Energy (-0.16%) was the relative standout given continued strength in crude prices.
Information Technology
- NVIDIA (NVDA) resuming chip manufacturing for China, signaling continued global AI demand.
- Microsoft (MSFT) reportedly considering legal action against Amazon (AMZN) and OpenAI over a $50B cloud agreement.
- DocuSign (DOCU) beat and guided ahead, announcing a $2B buyback.
Communication Services
- Tencent (TCEHY) delivered a fifth consecutive quarter of double-digit growth.
- Trade Desk (TTD) fell following a downgrade tied to concerns around agency relationships.
Consumer Discretionary
- Lululemon (LULU) beat Q4 but guided FY26 EPS below expectations, citing margin headwinds and a soft U.S. consumer backdrop.
- Williams-Sonoma (WSM) beat on comps and EPS, though flagged tariff-related cost pressures.
- Macy’s (M) gained on a Q4 beat and improved comp trends.
- Starbucks (SBUX) declined following a downgrade on margin concerns.
Industrials
- Jabil (JBL) delivered a beat and raised guidance, though shares fell on margin scrutiny.
- Titan America (TTAM) disappointed on 2026 guidance, citing residential weakness and energy cost pressures.
Financials
- SoFi Technologies (SOFI) declined after a negative short report, highlighting concerns around earnings quality.
Healthcare
- HealthEquity (HQY) beat and raised FY27 revenue guidance.
Consumer Staples
- General Mills (GIS) reported weaker margins, leading to an EPS miss.
Industrials / Aerospace & Defense
- Anduril (ANDG) beat and raised in its first earnings report post-IPO, with positive reception.
Eco Data Releases | Thursday March 19th, 2026
S&P 500 Constituent Earnings Announcements | Thursday March 19th, 2026
Data sourced from FactSet Research Systems Inc.
