Morning Preview: March 31, 2026
Early Look
U.S. futures are indicating a higher open, aiming to break a three-day and five-week losing streak. This comes after reports that President Trump is considering ending the military campaign against Iran, even if the Strait of Hormuz remains mostly closed. Trump and his aides have assessed that continuing military action could extend the conflict beyond his desired timeline of four to six weeks. The focus is now on achieving key objectives, such as weakening Iran's navy and missile capabilities, while applying diplomatic pressure for trade resumption.
Market Overview
Recent tensions escalated when Iran attacked a Kuwaiti oil tanker near Dubai, causing a brief spike in crude oil prices, which have since stabilized but remain elevated. In Asian markets, the Nikkei Index fell by 822 points, while the Shanghai Index and Hang Seng Index showed minor declines and gains, respectively. European markets are experiencing gains, with the German DAX and FTSE 100 both up significantly.
Quarterly Performance
As the month and quarter come to a close, U.S. stocks are down year-to-date, particularly in the Financials, Technology, and Consumer Discretionary sectors, all of which have seen declines exceeding 11% this quarter. In contrast, the Energy sector has surged by 38%, followed by gains in Materials and Utilities. Gold prices have dropped over 13% this month, marking the steepest decline since October 2008, despite a quarterly increase of about 5% after reaching a record high earlier in the year.
Market Closing Prices
- S&P 500: -25.13 points, or 0.39%, to 6,343.72
- Dow Jones: +49.50 points, or 0.11%, to 45,216.14
- Nasdaq: -153.72 points, or 0.73%, to 20,794.64
- Russell 2000: -35.71 points, or 1.46%, to 2,413.99
Economic Calendar for Today
- 7:45 AM ET: ICSC Weekly Retail Sales
- 8:55 AM ET: Johnson/Redbook Weekly Sales
- 9:00 AM ET: Monthly Home Prices M/m for January
- 9:00 AM ET: Case-Shiller 20 city index for January
- 9:45 AM ET: Chicago PMI for March (est. 55.0)
- 10:00 AM ET: Consumer Confidence for March (est. 88.0)
- 10:00 AM ET: JOLTs Job Openings for February (est. 6.918M)
- 4:30 PM ET: API Weekly Inventory Data
Earnings Calendar
Earnings Before the Open: ALTI, BITF, CSAI, FDS, JILL, MKC, PVLA, SNX, TE, TONX
Earnings After the Close: AAUC, BIRD, BRFH, BTBT, CODX, NCNO, NKE, NNDM, PLAY, PVH, REKR, RILY, SPWH
World News
Euro zone inflation has surged past the European Central Bank's 2% target, reaching 2.5% in March, driven by rising energy costs. Additionally, Nasdaq 100 valuations relative to the S&P 500 are at their lowest since 2018.
Sector News Breakdown
Consumer
Allbirds has agreed to be acquired by American Exchange Group for approximately $39 million. Authentic Brands Group is interested in purchasing Converse from Nike if it becomes available. Shake Shack received an upgrade from Bank of America, citing improved store traffic.
Energy, Industrials, and Materials
Constellation Energy has guided its FY26 earnings expectations and increased its buyback authorization. T1 Energy reported a narrowed loss and is maintaining its production guidance.
Financials
Repay Holdings announced an agreement to acquire Kubra Data Transfer for $372 million.
Healthcare
Palisade Bio reported data from its clinical study on a new treatment for Crohn's disease, while PepGen shared positive results from its ongoing study.
Technology, Media & Telecom
Microsoft plans to invest over $1 billion in cloud infrastructure in Thailand. Netflix is looking to expand its game package, and semiconductor stocks are facing significant declines.