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Market Volatility and Energy Shock
US stocks suffered their worst week since April, with the Dow industrials falling 3% amid surging oil prices and a shock drop in payrolls. The S&P 500 dropped 1.2% as investors grappled with rising energy costs and geopolitical uncertainty. Energy prices spiked dramatically after the outbreak of war in the Persian Gulf, where roughly one-fifth of the world's oil supply originates.
Middle East Conflict Impact
Oil prices surged above $90 amid the Iran conflict, with some analysts warning that triple-digit prices are possible if the war extends. Iran-linked ships remained the only large vessels transiting the Strait of Hormuz, as traffic through the critical waterway stayed near a standstill for a sixth day. The Trump administration announced a $20 billion reinsurance program aimed at reviving shipping in the strait, where traffic has all but stopped amid US and Israeli attacks on Iran.
Federal Reserve and Economic Policy
Cleveland Fed President Beth Hammack expects interest rates to remain on hold for quite some time, citing two-sided risks to rates amid the oil price shock. Richmond Fed's Tom Barkin warned about the impact of rising gasoline prices on inflation, as policymakers grow increasingly cautious. Former Goldman Sachs CEO Lloyd Blankfein said his experience warns him that "a reckoning" is coming at some point amid the anxious market conditions.
Corporate and Deal News
BlackRock faces challenges with its $12 billion retail private-credit strategy as market angst grows. Cerebras Systems has picked Morgan Stanley to lead its initial public offering, mounting a renewed attempt to go public as an AI chipmaker. SK Innovation is laying off more than a third of its Georgia workforce as the South Korean battery maker navigates a slowdown in electric vehicle sales.
Technology and Innovation
Amazon secured a landmark $138 billion AWS deal as OpenAI bets on Trainium chips. China is pivoting to AI to manage a record-breaking 12.7 million graduate influx into the job market. Stablecoin firms are racing to build payments systems for a world that doesn't exist yet, where autonomous AI agents transact millions of times a day.
International Markets
Non-US funds are up 9.3% in 2026, winning the stock-fund Olympics as international markets outperform. Europe's energy tax is deepening the pain from higher oil prices as a weaker euro compounds the impact. Sri Lanka believes it's in a "good position" to absorb price shocks from the Middle East conflict, according to its central bank governor.
Labor Market Concerns
US employers unexpectedly cut 92,000 jobs in February, with the unemployment rate rising and pointing to lingering fragility in the labor market. The surprise drop in payrolls casts doubt on the previously stabilizing job market and has raised questions about the economic outlook amid rising energy costs.
Regulatory and Legal Developments
A US court dismissed terrorism financing claims against Binance, providing relief to the cryptocurrency exchange. The SEC and CFTC are discussing plans to move into the same building complex in Washington, just steps from the US Capitol, as Wall Street's top regulators consider closer coordination.
Private Credit and Secondary Markets
Secondary buyers are eyeing private-credit assets as redemptions mount, with a rise in discounted secondary deals expected as wealthy investors seek exits from interval funds and BDCs. Kennedy-Wilson bondholders are organizing to push back on a tender offer, planning to skip the company's debt exchange and instead seek cash payments.
Private Equity
Private Equity Deals & Funding
Robinhood’s startup fund stumbled in its NYSE debut, offering retail investors exposure to startups like Stripe. Backed by Wynnchurch, ORS Nasco acquired industrial wholesalers AD Member Supply and Alliance. Large funding rounds led by space tech and AI surpassed $500 million each in early March.
Sector Investment
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