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TL;DR
Stocks pulled back slightly this week, with the S&P 500 (-0.41%), Nasdaq (-0.13%), and Dow (-0.67%) ending the week lower.
Rising oil prices drove a rotation into energy stocks, while putting pressure on broader equities.
Mega cap tech saw profit taking, with names like Microsoft, Apple, and Meta declining during the week.
Energy stocks outperformed, with Chevron and Exxon gaining as crude prices climbed.
Bitcoin jumped nearly 6%, showing continued strength in risk assets despite the equity pullback.
Overall, markets appear to be in a wait and see phase, with investors watching oil prices, interest rates, and geopolitical developments for the next major move.
Market Overview — (Mar 9 - 13, 2026)
Price | Weekly Change | |
|---|---|---|
S&P500 | $6,632.21 | -0.41% |
NASDAQ | $22,105.36 | -0.13% |
Dow Jones | $46,559.83 | -0.67% |
10 Year Interest Rate | 4.285% | +3.05% |
Bitcoin | $70,908.01 | +5.98% |
Gold | $5,022.11 | -2.65% |
VIX ( Volatility Index) | 27.19 | -11.72% |
Data is provided by Google Finance & Seeking Alpha
*Stock data as of market close, cryptocurrency and gold data as of Friday 6:00pm ET
Markets ended the week slightly lower but relatively stable, as investors balanced macro pressures with ongoing risk appetite in alternative assets. The S&P 500 fell 0.41% to 6,632, while the Nasdaq slipped 0.13% and the Dow Jones declined 0.67%, reflecting mild profit taking across equities. Part of the pullback was driven by rising oil prices, which pushed investors to rotate capital into energy markets. Higher crude prices also raised concerns that energy driven inflation could reappear, which would complicate the Federal Reserve’s path toward potential rate cuts. Meanwhile, the 10 year Treasury yield climbed to 4.285% (+3.05%), reinforcing the view that rates may stay elevated for longer.
Despite the dip in stocks, risk assets remained resilient overall. Bitcoin surged nearly 6% to $70,908, continuing its strong momentum as crypto markets attract capital during periods of macro uncertainty. In contrast, gold fell 2.65% to $5,022, suggesting some investors rotated away from traditional safe havens while energy commodities gained attention. At the same time, volatility eased with the VIX dropping 11.7% to 27.19, indicating that while markets reacted to the oil spike, overall investor panic remained limited and sentiment stayed relatively controlled.
Sector Snapshot
U.S. Stock Market Weekly Heat map
Sector performance this week was mixed but leaned negative, with selling pressure concentrated in technology, financials, and consumer cyclicals. Large cap tech names such as Microsoft (-3.28%), Apple (-2.85%), Amazon (-2.60%), and Meta (-4.83%) weighed heavily on the broader market, reflecting profit taking in mega cap growth stocks after their strong rally earlier this year. Financials also struggled, with major banks like JPMorgan (-2.09%), Bank of America (-3.95%), and Wells Fargo (-7.86%) declining as rising yields and macro uncertainty pressured the sector.
On the positive side, energy was one of the strongest performing sectors, supported by the rise in crude oil prices. Major oil producers such as ExxonMobil (+3.25%) and Chevron (+3.62%) moved higher as investors rotated into energy amid tightening supply concerns. Parts of the semiconductor space also showed resilience, with Nvidia (+1.37%) and Micron (+15.08%) posting gains despite weakness across broader technology stocks. Meanwhile, defensive sectors like consumer staples and utilities held relatively steady, suggesting investors were selectively positioning for potential macro volatility rather than broadly exiting the market.
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Biggest Movers This Week (Market Cap $10B+)
Top Gainers
Micron (MU) +15.08%
Micron was the largest gainer on the board, rallying more than 15% as semiconductor stocks saw selective strength. The move highlights continued investor optimism toward memory demand tied to AI infrastructure and data center expansion.Enphase Energy (ENPH) +5.05%
The solar technology company gained over 5% this week, standing out within the renewable energy and utilities ecosystem. Strength in the clean energy space helped lift the stock despite broader market weakness.Chevron (CVX) +3.62%
Chevron advanced alongside rising crude prices as investors rotated into energy producers. The surge in oil prices made integrated oil majors one of the few sectors showing consistent strength during the week.
Top Decliners
Wells Fargo (WFC) -7.86%
Wells Fargo was one of the largest decliners among large cap financials, reflecting weakness across the banking sector. Rising yields and macro uncertainty weighed on sentiment toward financial institutions.Broadcom (AVGO) -2.52%
Broadcom dropped as parts of the semiconductor sector saw profit taking after a strong rally earlier in the year. The decline came despite continued optimism around AI related chip demand.Microsoft (MSFT) -3.28%
Microsoft also pulled back during the week as mega cap technology stocks faced selling pressure. The move reflects broader rotation away from large growth names toward commodities and energy.
Markets News
PCE inflation meets expectations, but soft GDP gives markets mixed signals
January PCE rose 0.3% month over month, while annual PCE came in at 2.8%, roughly in line with expectations. Stocks initially liked the inflation print, but weaker Q4 GDP growth of 0.7% kept the broader macro picture mixed.U.S. stocks lose ground as oil pressure and war fears weigh on sentiment
By Friday, U.S. equities were under pressure again, with the S&P 500 down 0.6%, the Dow down 0.3%, and the Nasdaq off 0.9%. The main drag was higher oil and renewed inflation fears tied to the Middle East conflict.Tech companies tap debt markets to fund AI and cloud expansion
Big Tech is leaning more on debt financing to keep funding the AI buildout, with expected 2026 AI spending above $600 billion, up from $410 billion in 2025. It shows how capital-intensive the AI race is becoming even for cash-rich firms.Chinese banks boost loans to the tech sector as Beijing ramps up its AI push
China is channeling more credit toward technology and AI, showing how policy support is being used to strengthen strategic industries. It is a notable sector story for Asian tech and for investors watching state-backed industrial policy.Goldman hikes average Brent oil forecast to above $100 a barrel for March
This is the key oil story: Goldman raised its March Brent forecast above $100 per barrel, citing supply disruptions and volatility tied to the Strait of Hormuz. That matters far beyond energy, because higher oil feeds directly into inflation, transport costs, and risk sentiment across global markets.
My Take for This Week 📝
This week’s pullback looked more like a macro driven rotation rather than a fundamental shift in the market trend. Rising oil prices pushed some capital toward energy while higher yields added pressure on growth stocks, which explains why many mega cap tech names pulled back slightly despite strong long term narratives. In situations like this, I tend to view the weakness as an opportunity rather than a warning sign.
Personally, I used the dip to cautiously add to a few mega cap tech positions, specifically Nvidia and Tesla, which I believe still have strong long term growth drivers. That said, I’m not aggressively deploying capital yet. I’m still holding a relatively large cash position because the market direction remains unclear, especially with oil prices rising and interest rates still elevated. For now, my approach is to scale into quality names during pullbacks while keeping flexibility, waiting for a clearer trend before committing more capital.
Weekly Poll 🗳️
Where do you think oil prices are headed next?
Last week’s Result:
Who do you think will win by the end of 2026?
Most popular answer: 🌏 International Equities (60%)
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Disclaimer: The information provided in this newsletter is for educational and informational purposes only and should not be construed as investment advice. I am not a licensed financial advisor, and the opinions expressed here are based on my personal research and portfolio decisions. Investing in securities involves risk, including the potential loss of principal. Past performance is not indicative of future results. Always do your own research or consult with a licensed financial professional before making investment decisions.