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Market Recap
WEEK OF MAR. 30 THROUGH APR. 3, 2026
The S&P 500 rose 3.4% last week as investors sought reasons to be hopeful that an end to the Iran war could be in sight. The climb represented the S&P 500's first weekly gain since the week ended Feb. 20.
The S&P 500 ended Thursday's session, the last of the shortened week, at 6,582.69. The US and Canadian stock markets were closed for Good Friday.
The index on Tuesday ended March with a drop of 5.1%, the largest monthly percentage decline in a year that resulted in a Q1 loss of 4.6%. That marked the index's first quarterly decline in a year. The March slide came as the US-Israel war with Iran contributed to market uncertainty and a surge in oil prices.
With the war having reached the one-month mark, investors are looking for hope it may be nearing its end. Late Wednesday, US President Donald Trump said the US was close to achieving its military objectives. However, he also said the US would hit Iran "extremely hard over the next two to three weeks." Tehran, in response, warned of a "more crushing" blow, CNN reported.
The communication services sector had the largest weekly percentage gain, climbing 6.4%, followed by a 4.6% climb in technology. Real estate, financials and materials also were strong, rising more than 3% each, while industrials, consumer discretionary and health care added more than 2% each. Utilities and consumer staples also edged higher.
Facebook parent Meta Platforms (META) was among the top gainers in communication services, rising 9.3%. The company introduced its first artificial intelligence glasses with prescription lenses alongside several upcoming software enhancements.
Intel (INTC) was one of the best performers in the technology sector, jumping 17%. The company and Apollo Global Management (APO) said they reached a deal under which Intel will buy back for $14.20 billion the 49% stake in the joint venture related to its Fab 34 plant in Ireland that it previously sold to Apollo. Intel expects the transaction to boost ongoing earnings per share and to support its credit profile in 2027 and beyond.
Energy was the lone decliner for the week, shedding 5.3%.
Expand Energy (EXE) was among the hardest-hit energy stocks, falling 8.5%. The company's stock was downgraded by KeyBanc to sector weight from overweight. In a note to clients, KeyBanc's analysts said "management uncertainty has disappointed investors" following the departures of both the company's chief financial officer and its chief executive officer in the last eight months.
On Friday, despite the stock market being closed, the Labour Department released its monthly jobs data which is always closely watched. Jobs growth was solid, but not explosive as payrolls came in moderately above expectations showing it is still resilient and not rolling over. The unemployment ticked slightly higher to 3.9% while wage growth cooled. These were all positives in the view of the market as it takes pressure off the inflation front while providing room to the Federal Reserve to consider future rate cuts.
Other economic data expected over this week include the March consumer price index, February personal consumption expenditures and the second revision to Q4 gross domestic product.
