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Market Recap
WEEK OF MAR. 23 THROUGH MAR. 27, 2026
The S&P 500 index posted a 2.1% loss last week, marking its fifth consecutive weekly loss and putting the market benchmark on track for its largest monthly loss in three and a half years. The S&P 500 ended Friday's session at 6,368.85 and is now down 7% for the year.
Friday's closing level for the S&P 500 marks a 7.4% drop from where it ended February. The index hasn't lost that much in a month since September 2022, when it lost 9.3%. There are just two trading days remaining in the month.
The loss for March would also represent the S&P 500's biggest drop for the month since 2020, when the Covid-19 pandemic led to shutdowns across the country.
The declines have come amid the US-Israel war with Iran, which has contributed to market uncertainty and a surge in oil prices. This week, US President Donald Trump announced delays for strikes on Iran's energy sector, but the US has also been sending more troops to the Middle East.
Data released on Friday by the University of Michigan showed US consumer sentiment this month reached its lowest level since December, while year-ahead inflation expectations had the largest one-month gain since April amid concerns about the ongoing Middle East conflict.
Communication services had the largest weekly drop by sector, falling 7.2%, followed by a 3.5% decline in technology and a 2.1% slip in financials. Consumer discretionary, industrials, health care and real estate also moved lower.
Shares of Facebook parent Meta Platforms (META) and Google parent Alphabet (GOOGL) weighed on communication services as both were found liable by a jury for a 20-year-old woman's alleged addiction to their social media platforms. Meta's shares fell 11% on the week while Alphabet's shares slid 8.9%.
Micron Technology (MU) had the largest percentage drop of the week in the technology sector, falling 16% amid a Nikkei Asia report that the company is in talks with Japan Display to acquire an LCD panel production plant in Japan. The report, which cited people familiar with the matter, said Micron could use the facility to assemble and test chips.
On the upside, however, energy jumped 6.2%, followed by a 4.2% rise in materials and a 2.9% advance in utilities. Consumer staples also edged up 1.2%.
SLB Ltd. (SLB) and APA Corp. (APA) led the energy sector's gainers as crude oil futures continued to climb. SLB rose 15% while APA added 14%.
Earnings reports are expected this week from companies including Nike (NKE), McCormick (MKC) and ConAgra Brands (CAG).
The US stock market will be closed on Friday for the Good Friday holiday. The government's March employment report -- one of the most closely watched economic reports -- will still be released that morning.
