Market Performance: Stocks ended sharply lower on Friday, with U.S. equities pressured by rising bond yields and lingering geopolitical uncertainty. The S&P 500 fell 1.51%, the Dow Jones slipped 0.96%, and the Nasdaq dropped 2.01%. Sector performance was mixed: energy and financials posted gains, while rate-sensitive areas like utilities and real estate, along with growth sectors such as technology, lagged. Meanwhile, the U.S. dollar strengthened about 2% in March as investors sought safety.
Treasury Yields and Commodities: The 10-year Treasury yield finished just under 4.4%, up from below 4.0% at the end of February, as rising oil prices lifted inflation expectations and dampened hopes for near-term Federal Reserve rate cuts. Commodities were pressured by the rate outlook: gold dropped nearly 5% on Thursday, with silver and copper also declining amid concerns about weakening global demand. Both gold and silver edged modestly higher on Friday.
Walmart Digital Price Labels: Walmart is rolling out digital price labels nationwide to improve efficiency and accuracy, allowing instant price updates and reducing manual labor. The move represents a major technological shift for grocery stores, though some lawmakers and consumer advocates have raised concerns about potential future use of dynamic pricing.
FedEx AI Training Initiative: FedEx is training hundreds of thousands of employees in AI to boost efficiency, drive innovation, and prepare its workforce for future roles. The program, developed with Accenture, features personalized, role-based learning, hackathons, and collaborative communities, reflecting a growing industry trend of treating AI literacy as essential for employees at all levels.
Nissan Hybrid Launch: Nissan is introducing a new hybrid system in the U.S. that delivers an electric vehicle-like driving experience without requiring plug-in charging. The "e-Power" series hybrid uses a gasoline engine solely as a generator, signaling a broader industry pivot toward hybrids amid slower-than-expected EV adoption.
Earnings Highlights: FedEx shares rallied after beating quarterly expectations and issuing positive guidance, while Super Micro Computer fell 26% following export control charges against executives. Arm Holdings gained after an HSBC upgrade citing its role in AI servers and CPUs, and Planet Labs soared on strong earnings and optimistic guidance. Dell rose 4% ahead of the open.
Economic and Policy Outlook: Global central banks—including the Fed, Bank of Canada, European Central Bank, Bank of Japan, and Bank of England—held interest rates steady, though the Bank of England signaled a more hawkish stance on inflation. In the U.S., the Fed raised its inflation projections for 2026 but continues to expect a single rate cut later in the year or into 2027. GDP growth projections remain solid at 2.5% for 2026 despite inflationary pressures and higher oil prices.
President Donald Trump on Saturday warned that he could deploy federal immigration agents to U.S. airports if congressional Democrats do not quickly agree to fund the Department of Homeland Security (DHS). In a social media post, Trump said he may redirect Immigration and Customs Enforcement (ICE) personnel to handle airport security and indicated the move could happen as soon as Monday, telling agents to "get ready."
Former Special Counsel Robert Mueller Has Died At 81
Robert Mueller, the former special counsel who led the investigation into Russian interference in the 2016 U.S. election, died Friday at the age of 81. His family confirmed the news in a statement, asking for privacy. Mueller, who also served as director of the Federal Bureau of Investigation, had a long career in public service spanning decades.
Earnings Spotlight: GameStop Corp. (GME)
GameStop (GME) is scheduled to release its Q4 2025 earnings on March 24, 2026, with analysts forecasting an EPS of $0.37. In its previous report for Q3 2025 (ending Oct 31), GME reported an EPS of $0.24, beating estimates, though revenue declined 4.6% year-over-year. The company has shown recent profitability, shifting away from prior losses.
What's Ahead
Economic:
Monday (Mar. 23): Construction Spending
Tuesday (Mar. 24): New Home Sales
Wednesday (Mar. 25): Current Account Balance, Durable Orders, EIA Crude Oil Inventories, Export Prices, Import Prices, Mortgage Applications Index
Friday (Mar. 27): Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, GDP – 3rd Estimate, PCE Prices, Personal Income, Personal Spending, University of Michigan Consumer Sentiment - Final
Earnings:
Monday (Mar. 23): Abivax SA (ABVX), Agi Inc. (AGBK), AITI Global Inc. (ALTI), Caledonia Mining Corp. (CMCL), DBV Technologies SA (DBVT), Lithium Argentina AG (LAR), WeRide Inc. (WRD)
Tuesday (Mar. 24): AAR Corp. (AIR), Centessa Pharmaceuticals (CNTA), Concentrix Corp. (CNXC), Core & Main Inc. (CNM), GameStop Corp. (GME), Hesai Group (HSAI), KB Home (KBH), New Gold Inc. (NGD), Smithfield Foods Inc. (SFD), T1 Energy Inc. (TE), Worthington Enterprises Inc. (WOR)
Wednesday (Mar. 25): Alumis Inc. (ALMS), Celcuity Inc. (CELC), Chewy Inc. (CHWY), Cintas Corp. (CTAS), H.B. Fuller Company (FUL), Jefferies Financial Group Inc. (JEF), JinkoSolar Holding Co. (JKS), Karman Holdings Inc. (KRMN), Ondas Inc. (ONDS), Paychex Inc. (PAYX), PDD Holdings Inc. (PDD), Winnebago Industries Inc. (WGO)
Thursday (Mar. 26): Argan Inc. (AGX), Bicara Therapeutics Inc. (BCAX), Commercial Metals Co. (CMC), Kodiak Sciences Inc. (KOD), Lumexa Imaging Holdings Inc. (LMRI), Pony AI (PONY), Seabridge Gold Inc. (SA), TMC the metals company Inc. (TMC)
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