Hope you are all doing well. Happy holiday. The major U.S. indexes finished the week 3% to 4% higher as stocks regained traction following five consecutive weekly declines. However, the S&P 500 and the NASDAQ fell in March. It’s the second monthly drop in a row for both. Each dropped around 5%. The Dow fell more than 5%, snapping a 10-month positive streak for that index. Over the first three months of 2026, all three indexes sustained their biggest quarterly declines in nearly four years. Artemis II’s manned mission around the moon was the main news story this week. I have broken down this week’s update using quotes from Buzz Aldrin.
“Heavy lifting doesn’t need to be heavy spending if we do the job right.” – Buzz Aldrin
The President addressed the nation this week. According to the President, the heavy lifting of eliminating Iran’s ability to project strength is done. Getting the traffic moving through the Strait of Hormuz will be the costly part of the job. The President has been imploring other countries to apply pressure and get traffic moving, telling countries to “just take it” in reference to the oil stuck in the Gulf. Market concerns about prolonged disruptions to oil shipments in the Persian Gulf persist. U.S. crude is trading around $112 per barrel. It is the highest since mid-2022, and well above the $90 to $100 level that oil had traded in through most of March. Markets are also pricing in a relatively short-lived oil price shock. Oil futures curve continues to point to a sharp deceleration in oil prices, with WTI returning to about $71 by the tail end of this year. That tells you investors think the administration will find a way to get tankers passing through the Strait in the weeks ahead without a costly, prolonged ground war.
“Not everyone will understand this need for America to lead the world.” – Buzz Aldrin
The U.S. economy is still the driver of global markets. To that end, we got some good news in the labor market. We generated 178,000 jobs in March, well above economists’ consensus expectations. It represents a significant rebound from the previous month’s revised net loss of 133,000 jobs. The report also showed that the unemployment rate slipped to 4.3% from 4.4% the previous month. Markets were closed on Friday when the report was released. It would have likely lifted markets.
You can use my calendar link below to schedule a phone or Zoom appointment at any time. The calendar link allows you to schedule a call as early as tomorrow. If you have a time-sensitive issue and difficulty reaching me by email or phone, it’s generally best to use the calendar link to schedule a 15-minute appointment. If it has been a while since your last review and you aren’t currently on my calendar, please schedule an appointment.
