March 26, 2026
S&P futures down 0.8% Thursday morning following Wednesday’s gains, with prior strength led by small caps, most-shorted names, and Mag 7. Biotech (M&A), transports, industrial metals, PE, and payments also outperformed, while memory, software, energy, homebuilders, ag chemicals, and managed care lagged. Asian markets mostly weaker (South Korea, China lagging), Europe down over 1%. Treasuries under pressure (yields +6–7 bp), dollar slightly firmer, gold (-2.7%) and silver (-6.3%) lower, Bitcoin -1.5%, and crude higher (WTI +3.7%).
Macro tone shifting back toward risk-off as oil and yields rise simultaneously, with limited progress on Iran de-escalation. Reports of potential U.S. military escalation (“final blow”) reinforce concerns around prolonged conflict, Strait of Hormuz disruption, and broader demand destruction risks. Weak Treasury auctions and tighter liquidity conditions remain an added overhang.
Focus today on initial jobless claims (~210K expected) and a $44B 7-year auction following weak 2Y/5Y sales earlier this week. Multiple Fed speakers (Cook, Miran, Jefferson, Barr) are scheduled, with Michigan sentiment due Friday.
Company highlights:
- Meta Platforms (META): Facing growing regulatory scrutiny, with comparisons to a potential “big tobacco” moment for tech.
- Alphabet (GOOGL): Continued debate around memory demand impact from new TurboQuant algorithm.
- Jefferies (JEF): Mixed results; strong equities trading and buyback resumption offset by IB weakness and softer margins.
- H.B. Fuller (FUL): Q1 sales missed but margins/EPS beat; raised FY EPS guidance.
- MillerKnoll (MLKN): Declined on Q3 miss and weaker Q4 outlook tied to macro/geopolitical headwinds.
U.S. equities moved higher Wednesday, with the Dow +0.66%, S&P 500 +0.54%, Nasdaq +0.77%, and Russell 2000 +1.23%, though gains faded from intraday highs. The macro backdrop remained dominated by geopolitical developments, with risk sentiment supported by growing expectations for a potential U.S.-Iran ceasefire, despite continued headline noise and skepticism around a durable resolution. Reports of a one-month ceasefire proposal, potential high-level talks, and broader diplomatic engagement helped stabilize sentiment following last weekend’s escalation.
Rates provided an additional tailwind, with Treasury yields falling 4–7 bp across the curve, even as the $70B 5-year auction tailed following Tuesday’s weak 2-year sale. Inflation signals remained firm, with import prices (+1.3% m/m) and export prices (+1.5% m/m) both printing at their highest levels in nearly two years, reinforcing stagflation concerns. Commodities reflected the improving risk tone, with crude lower (WTI -2.2%) while gold (+3.4%) and silver (+4.4%) surged. The dollar index was modestly higher.
Sector Highlights
Sector performance showed a rotation back toward growth and cyclicals, though dispersion remained elevated. Materials (+1.97%) led alongside consumer discretionary (+1.18%), healthcare (+0.98%), and industrials (+0.68%), supported by strength in industrial metals, travel, and broader cyclical exposure. Technology (+0.56%) also finished higher, though gains were uneven with semis outperforming while software and select mega-cap names lagged.
On the downside, energy (-0.53%) was the notable underperformer as crude prices pulled back. Real estate (-0.04%) and financials (+0.11%) lagged amid rate volatility, while communication services (+0.20%), utilities (+0.30%), and consumer staples (+0.52%) trailed the broader market, reflecting a continued unwind of defensive positioning as risk appetite improved.
Information Technology
- Arm Holdings (ARM): Surged on entry into CPU market and long-term growth outlook; targeting ~$25B revenue over time.
- Apple (AAPL): Exploring ads within Maps platform.
- Netgear (NTGR): Benefiting from FCC restrictions on foreign-made routers.
- Concentrix (CNXC): Earnings missed with weak forward guidance.
Communication Services
- Meta Platforms (META) / Alphabet (GOOGL): Found liable in social media addiction case; META also facing layoffs.
- Circle Internet (CRCL): Pressured on regulatory concerns tied to stablecoin legislation.
Consumer Discretionary
- On Holding (ONON): CEO stepping down; co-founders to assume co-CEO roles.
- Chewy (CHWY): Strong earnings with upside to guidance and customer growth.
- JetBlue (JBLU): Exploring strategic alternatives including potential sale/merger.
Consumer Staples
- No major standout catalysts; sector lagged on rotation out of defensives.
Health Care
- Terns Pharmaceuticals (TERN): Agreed to be acquired by Merck (MRK) in a ~$6.7B deal.
- Sarepta Therapeutics (SRPT): Jumped on positive early-stage trial data.
Industrials
- AAR Corp (AIR): Beat on earnings and raised guidance on strong parts demand.
- Honeywell (HON): Announced defense-related supplier framework and capacity investment.
Financials
- Robinhood (HOOD): Announced $1.5B share buyback program.
- Janus Henderson (JHG): Pressured after takeover bid withdrawn.
Energy
- Dow (DOW): Raising plastics prices more than previously signaled.
Materials
- Strength driven by industrial metals and chemicals; no major single-stock headlines.
Eco Data Releases | Thursday March 26th, 2026
S&P 500 Constituent Earnings Announcements | Thursday March 26th, 2026
No constituents report today
Data sourced from FactSet Research Systems Inc.
