Markets Extend Losing Streak as Geopolitics and Energy Volatility Weigh on Sentiment

Wall Street saw stocks continue to trend lower last week, influenced by geopolitical tension, volatile energy markets and shifting investor sentiment. The Dow, the S&P 500 and the NASDAQ each closed the week lower, while the small caps of the Russell 2000 and the Global Dow settled marginally higher. Investors reacted to developments surrounding the U.S.-Iran negotiations and the temporary halt in U.S. strikes on Iranian energy infrastructure. The S&P 500 marked its fifth straight weekly decline, its longest such streak since early 2022. With last week’s losses, the NASDAQ slid deeper into correction territory. Energy and Materials outperformed, while Communication Services and Information Technology notably lagged. Oil prices swung sharply, while economic data showed resilience but rising uncertainty.

Retail Gasoline Prices Spike Nationwide, Up Nearly $1 From Last Year

The national average retail price for regular gasoline was $3.961 per gallon on March 23, $0.241 per gallon above the prior week’s price and $0.846 per gallon higher than a year ago. Also, as of March 23, the East Coast price increased $0.208 to $3.785 per gallon; the Midwest price rose $0.291 to $3.684 per gallon; the Gulf Coast price increased $0.192 to $3.604 per gallon; the Rocky Mountain price climbed $0.213 to $3.850 per gallon; and the West Coast price increased $0.275 to $5.262 per gallon.

Eye on the Week Ahead

The labor figures for March will be released this week. Employment gains have been somewhat stagnant for the past several months, and most analysts predict March will show minimal job gains.