Daily Market Report – March 20, 2026

Friday, March 20, 2026, around 1:00 PM ET

Today's trading was once again influenced by the Iran war, which imposed an unpleasant mix of geopolitical risk, expensive energy, and new inflationary pressures on the markets. Brent (TVC:UKOIL) temporarily rose to $111 per barrel, marking the highest level since 2022; since the outbreak of the war at the end of February, the increase has thus totaled around 50 percent. Accordingly, the stock markets came under pressure: In the U.S., the S&P 500 (SP:SPX) lost about 1.0 percent and the Nasdaq Composite (NASDAQ:IXIC) around 1.6 percent. The Dax (XETR:DAX) and the Stoxx 600 (INDEX:STOXX) each lost about 2% in value today.

In the bond, currency, and commodity markets, the message was the same: The markets are now pricing not just a short energy shock, but the possibility of a longer inflation wave. The yield on ten-year U.S. Treasury bonds (TVC:US10Y) rose to about 4.37 percent, while the two-year yield climbed noticeably again, as ten-year gilt yields in the UK reached their highest level since 2008. The dollar index (TVC:DXY) did rise slightly on Friday, but was heading for a weekly loss, as numerous central banks outside the U.S. sounded significantly more restrictive than the Fed recently. The hope for soon falling interest rates has turned back into fear of prolonged high rates, as the jump in oil prices reignites inflation.

Super Micro Computer (NASDAQ:SMCI) plummeted by about 28 percent, while FedEx (NYSE:FDX) rose after positive numbers. Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), and other heavyweights declined today due to war and interest rate fears. Iran has stated that it will not negotiate over the opening of the Strait of Hormuz as long as U.S. and Israeli attacks continue. The war in Iran is likely to keep financial markets occupied for a longer time.