Daily Market Report – March 27, 2026

Today's trading was once again dominated by the escalation in the Iran war – and by the growing realization that this is not a short-term shock, but a structural risk for energy prices and inflation. After reports of attacks on Iranian nuclear facilities and the effective blockade of the Strait of Hormuz further intensified the situation, Brent (TVC:UKOIL) jumped by around 4.2% to $112.57, while WTI (TVC:USOIL) rose by over 5% to $99.64. At the same time, hopes for quick diplomatic progress continued to lose credibility, as conflicting signals from Washington and Tehran unsettled the markets. The immediate consequence was a broad risk reduction: the S&P 500 (SP:SPX) fell by 1.7% and the Nasdaq Composite (NASDAQ:IXIC) dropped by over 2%.

The yield on ten-year U.S. Treasury bonds (TVC:US10Y) rose to about 4.43%, reflecting the expectation that the oil price shock could drive inflation again and delay interest rate cuts. The dollar index (TVC:DXY) increased, while traditional safe havens reacted differently: Gold (TVC:GOLD) surged by around 3% to about $4,500 per ounce as investors sought hedges.

Among the largest stocks in the world, no single idiosyncratic event dominated today, but rather a clear sectoral divergence. Technology heavyweights like Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA) came under pressure due to rising yields and declining valuation spreads, which explains the stronger decline of the Nasdaq Composite (NASDAQ:IXIC). At the same time, energy-related stocks benefited from the significantly increased crude oil prices, while trading and exchange infrastructure companies like Intercontinental Exchange (NYSE:ICE) indirectly profited from the extremely heightened volatility and trading activity.