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TL;DR
Markets sold off again, with the S&P 500 (-3.56%) and Nasdaq (-4.93%) leading the decline.
The selloff was driven by rising oil prices, higher yields, and geopolitical risks, pushing markets further into risk-off mode.
VIX surged above 30 (+23.56%), signaling elevated fear and volatility across markets.
Energy outperformed, while tech, semiconductors, and high beta names were hit the hardest.
Gold rebounded (+2.88%) as investors rotated back into safe havens, while Bitcoin declined.
Historically, high VIX levels signal potential opportunity, but market direction remains unclear in the short term.
Market Overview — (Mar 23 - 27, 2026)
Price | Weekly Change | |
|---|---|---|
S&P500 | $6,368.85 | -3.56% |
NASDAQ | $20,948.36 | -4.93% |
Dow Jones | $45,167.44 | -2.49% |
10 Year Interest Rate | 4.440% | +1.28% |
Bitcoin | $66,897.18 | -1.85% |
Gold | $4,495.05 | +2.88% |
VIX ( Volatility Index) | 31.05 | +23.56% |
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 experienced another broad and sharp selloff this week, with risk assets continuing to unwind under mounting macro pressure. The S&P 500 dropped 3.56% to 6,368, the Nasdaq fell 4.93%, and the Dow declined 2.49%, as growth and tech stocks led the downside. The weakness was driven by a combination of persistently high oil prices, rising geopolitical tensions, and elevated interest rates, all of which are tightening financial conditions and weighing on investor sentiment. The 10-year Treasury yield climbed further to 4.44% , reinforcing concerns that rate cuts may be pushed further out.
At the same time, the market is clearly shifting into a more defensive posture. The VIX surged 23.56% to 31.05, signaling a sharp rise in volatility and fear across markets. Unlike the previous week, gold rebounded 2.88%, suggesting investors are rotating back into traditional safe havens, while Bitcoin slipped 1.85%, showing continued weakness in risk assets. Overall, the market is increasingly reflecting a risk-off environment, with capital moving away from growth and toward safety as investors wait for clearer signals on inflation, oil, and geopolitical developments.
Sector Snapshot
U.S. Stock Market Weekly Heat map
Sector performance this week showed a clear risk-off rotation, with heavy selling concentrated in technology and communication services, while defensive and energy sectors outperformed. Mega cap tech led the downside, with Google (-8.38%), Microsoft (-6.57%), Meta (-11.44%), and Nvidia (-3.00%) all declining sharply. The broader semiconductor space was also weak, highlighted by Micron (-15.53%) and Broadcom (-3.17%), reflecting continued pressure on high beta and AI-related names.
In contrast, defensive sectors held up relatively well, with Walmart (+3.25%), Costco (+1.19%), and Coca-Cola (+1.28%) posting gains as investors rotated into more stable earnings names. Energy was the standout sector, driven by higher oil prices, with ExxonMobil (+7.09%) and Chevron (+4.67%) leading gains. Healthcare showed mixed performance, with some strength in select names like Merck (+4.77%), but overall remained under pressure. Financials were broadly negative, with major names like Visa (-2.02%), Mastercard (-2.43%), and Berkshire Hathaway (-2.59%) declining, reinforcing the theme that this week’s move was less about rotation and more about a broad de-risking across growth and cyclical sectors.
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Biggest Movers In S&P 500 This Week
Top Gainers
ExxonMobil (XOM) +7.09%
ExxonMobil was the clear top performer, benefiting directly from the surge in oil prices. Energy stocks continued to attract strong inflows as crude remains the dominant macro driver.Chevron (CVX) +4.67%
Chevron followed closely behind, reinforcing that energy was the strongest sector this week, with investors rotating into oil producers amid supply concerns.Walmart (WMT) +3.25%
Walmart stood out among defensives, as capital rotated into stable consumer names during the broader market selloff.
Top Decliners
Micron (MU) -15.53%
Micron was the biggest decliner on the board, reflecting heavy selling in semiconductors and high beta AI-related stocks. This is a classic example of how quickly sentiment can shift in crowded trades.Meta (META) -11.44%
Meta saw another sharp drop, highlighting continued pressure in communication services and high growth names.Google (GOOGL) -8.38%
Google followed, with weakness across mega cap tech as rising yields and macro uncertainty weighed on valuations.
Markets News
Wall Street indexes fall on worries about Middle East war, interest rates
U.S. stocks slipped as rising oil, higher Treasury yields, and weaker business activity data pressured sentiment. Energy was one of the few bright spots, while tech and communication stocks led the downside.SpaceX aims to file for IPO as soon as this week, The Information reports
SpaceX is reportedly preparing to file for an IPO, with Reuters saying it could seek a valuation above $75 billion. Bloomberg separately reported the deal could target as much as $75 billion, making it one of the most watched listings in years.Foreign outflows hit Asian stocks as Iran war drives oil shock fears
Foreign investors pulled $50.45 billion from Asian equities in March, the biggest monthly outflow in data going back to 2008. South Korea and Taiwan were among the hardest hit as investors dumped tech and AI-linked exposure.From beer to cosmetics, Asia feels full force of war-fuelled energy crisis
This is a strong Asia industry story: Reuters highlighted that higher energy costs are now hitting everything from beer and cosmetics to plastics and petrochemicals. It shows the oil shock is spreading well beyond energy stocks into consumer and manufacturing sectors.Oil prices to stay elevated across Iran war scenarios
Reuters reported Brent has already surged more than 50% since the war began, and analysts see prices staying elevated across multiple scenarios. The key market risk remains the Strait of Hormuz, which handles about 20% of global oil and gas transit.
My Take for This Week 📝
This week’s move feels like a classic volatility spike-driven selloff, and one thing worth paying attention to is the VIX breaking above 30. Historically, when the VIX reaches this level, it tends to signal peak fear, and data shows that buying during these periods has resulted in a high win rate over time. That said, history doesn’t guarantee timing, and spikes like this can still lead to further downside before a recovery begins.
Because of that, I’m taking a measured approach rather than going all-in. I’m starting to slowly add positions into high-quality, undervalued tech companies, but only through gradual accumulation. The reason is simple: while valuations are becoming more attractive, the market direction is still unclear, especially with oil prices, yields, and geopolitical risks all in play. For now, the strategy is to lean into opportunities created by fear, but stay patient and scale in, rather than trying to perfectly time the bottom.
Weekly Poll 🗳️
Are you buying big tech during this pullback?
Last week’s Result:
Is this the start of a bearish trend or just a pullback
Most popular answer: Just a short term pullback (83.33%)
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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.