“You Retire Once… I Help People Retire Everyday”
Market Recap
WEEK OF MAR. 2 THROUGH MAR. 6, 2026
The S&P 500 index began March with a 2% weekly drop, weighed down by turmoil in the Middle East and an unexpected decline in February payrolls. The S&P 500 ended Friday's session at 6,740.02. The market benchmark is now down 1.5% for the year.
US stocks were in the red for much of the week as investors digested the start of the US-Israel war with Iran. The war has led to a wider conflict in the Middle East. Crude prices jumped above $90 a barrel as the Strait of Hormuz, the world's most important chokepoint for crude flows, remains effectively shut.
Friday, the losses in US stocks deepened as data showed US employment unexpectedly declined in February and the jobless rate ticked higher. Nonfarm payrolls fell by 92,000 last month, representing the biggest drop since October and a significant miss versus the consensus estimate for a 55,000 increase. The unemployment rate rose to 4.4%, while Wall Street expected an unchanged print at 4.3%.
The weekly drop was broad, affecting every sector except energy. The materials sector had the largest percentage loss, sliding 7.2%, followed by a 4.9% decline in consumer staples, a 4.6% drop in health care, and a 4.1% slip in industrials. Real estate, utilities, and communication services shed more than 2% each, while financials, consumer discretionary, and technology also edged lower.
PPG Industries (PPG) and Freeport-McMoRan (FCX) had the largest weekly percentage losses in the materials sector, falling 13% each.
Also weighing on materials, Vulcan Materials (VMC) shares slid 11%. JPMorgan downgraded its investment rating on the stock to neutral from overweight and cut its price target on the shares to $320 each from $335.
In consumer staples, Brown-Forman (BF.B) was among the hardest-hit stocks, falling 12%. The wine and spirits maker reported higher-than-expected fiscal third-quarter results but reiterated its full-year outlook for organic sales to decline. The company is facing headwinds from structural declines in alcohol consumption, an oversupply of American whiskey, rising competition, and increasing costs, Morgan Stanley said in a note to clients.
Energy, the lone sector in positive territory for the week, rose 1% amid surging crude prices. Marathon Petroleum (MPC) and Valero Energy (VLO) had the biggest weekly percentage gains, rising 11.6% and 9.8%, respectively.
This week, earnings reports are expected from companies including Oracle (ORCL), Campbell's (CPB), and Adobe (ADBE).
Economic data is heavy this week and will include the February consumer price index, the first revision to Q4 gross domestic product, and a delayed report on the January personal consumption expenditures price index.
