Weekly Market Snapshot

U.S. equities rebounded in the shortened week as investors grew cautiously optimistic about a potential easing of the U.S.–Iran conflict, though high fuel prices continued to pressure travel stocks. Economic data was mixed but generally supportive, with stronger consumer confidence and private job growth offset by signs of cooling in the broader labor market and rising inflation expectations. Markets were also shaped by policy and corporate developments, including new U.S. tariffs on pharmaceuticals, weakness in Tesla and Nike on softer outlooks, and strength in select stocks tied to M&A, defense contracts, biotech approvals, and major tech investments, while concerns mounted around liquidity stress in the private credit sector. 

In global geopolitics, President Trump assured the nation that the war with Iran would be completed within a few weeks and also warned Iran of severe repercussions. American and Israeli forces continued to bomb Iran. Iran’s retaliation included missile and drone strikes across the Middle East and the continuing blockade of the Strait of Hormuz. European countries focused on establishing a diplomatic and maritime coalition to reopen the Strait of Hormuz while maintaining a strategic distance from the U.S. strikes on Iran. Spain and Italy denied the use of their airspace and airbases to U.S. aircrafts involved in the conflict. Reports by Iranian state media indicated the possibility of an Oman-Iran agreement to reopen and monitor the Strait of Hormuz. Russia’s defence ministry said its forces have taken full control of Ukraine’s Luhansk region, securing a small area that had remained outside Russian control since 2022. Russia sought assurances from the U.S. and Israel as it evacuates staff from Iran’s Bushehr nuclear power plant.

Weekly Market Movers — Key Highlights
  • Economic data showed stronger consumer confidence and private hiring, despite softer JOLTS readings.
  • Oil climbed to around $110 a barrel after the U.S. signaled continued strikes on Iran
  • New U.S. tariffs on pharmaceuticals and weaker outlooks for Tesla and Nike dragged shares lower.
  • Investor unease grew around the private credit sector after Blue Owl tightened withdrawal limits.
  • Nvidia strategic investment in Marvell Technology and the McCormick/Unilever food business merger lifted stocks.
Global Updates
  • The MSCI All Country World Index rose over the week, as global equities recovered due to the hopes for an early resolution to the U.S.- Iranian war. Iran’s state media reported the ongoing discussions between Iran’s Deputy Foreign Minister Kazem Gharibabadi with Oman to reopen the Strait of Hormuz to maritime traffic. France pushed back against President Trump’s threats to withdraw the U.S. from NATO, stressing the alliance is focused on Euro‑Atlantic security, not offensive operations in the Strait of Hormuz.
  • The S&P Global Eurozone Manufacturing PMI rising to 51.6 in March 2026 indicated an expansion in European manufacturing, in spite of supply-side constraints due to the U.S.-Iran war.
  • Toronto based Scotiabank announced the buyback of up to 15 million outstanding shares on April 7th, 2026.
  • Stellantis is reportedly in talks with Zhejiang ‌Leapmotor Technology to manufacture Chinese Electric Vehicles at its unused ⁠Brampton assembly plant, in Canada.
  • Oil prices climbed to around $110 a barrel after President Donald Trump said the U.S. would continue strikes on Iran, intensifying fears of prolonged supply disruptions.
  • Japan’s factory output fell 2.1% in February from January, in line with median market expectations.
  • China’s new home prices edged higher in March, reversing the previous month’s decline amid a seasonal recovery in demand across major cities.
  • Australian job vacancies increased 2.7% in the February quarter, driven by gains in the construction, retail, and accommodation sectors.
  • TSMC is expected to begin equipment installation and mass production of 3‑nanometre chips in 2028 at its second factory in Japan, according to a Taiwanese government filing.
  • Huawei Technologies reported 2.2% revenue growth in 2025, supported by modest gains in its core businesses, while cloud computing revenue declined.
  • South Korean President Lee Jae Myung sought deeper strategic collaboration with France, including cooperation in artificial intelligence and nuclear energy.
U.S. Equity
  • U.S. equity markets rebounded during the shortened trading week, with all major indices rising amid cautious optimism around a potential early resolution to the U.S.–Iran conflict; however, elevated fuel prices continued to pressure airline and cruise stocks. Early in the week reports indicated President Trump’s willingness to negotiate a settlement with Iran.
  • The Conference Board’s Consumer Confidence Index rose to 91.8 in March, exceeding expectations, although 12-month inflation expectations also edged higher during the month.
  • The February Job Openings and Labor Turnover Survey (JOLTS) showed subdued labor market activity, with both hiring and layoffs remaining low and job openings declining to 6.9 million.
  • The ADP National Employment Report indicated a stronger-than-expected increase of 62,000 private-sector jobs in March, concentrated in healthcare and education.
  • The Trump administration announced new tariffs on pharmaceutical companies that have not negotiated agreements with the government on drug pricing policies.
  • U.S. Secretary of State Marco Rubio said China’s detentions of Panama‑flagged vessels following a Panamanian court ruling raise serious concerns
  • Tesla shares declined after the company reported weaker-than-expected first-quarter 2026 sales and production, citing the expiration of electric-vehicle tax credits last year, with vehicle deliveries of 358,023 and production of 408,386 for the quarter.
  • Nike stock dragged after the company projected a 20% decline in its China sales for the fiscal fourth quarter.  The company also reported a better-than-expected $0.35 EPS on a revenue of $11.3 billion in its fiscal third quarter.
  • Shares of Globalstar rose, following the news of Amazon negotiating to acquire the satellite communications provider. The deal could be complicated by Apple’s 20% stake in the company. 
  • Investors are increasingly concerned for the private credit sector, following reports of the private credit firm -Blue Owl- lowering its withdrawal limits from 15% to 5%. The company has reported redemption requests for 21.9% of its outstanding shares of its OCIC fund and 40.7% of the shares of its technology focused fund, in the first quarter. 
  • Boeing’s stock rose after the company announced a seven-year Pentagon contract to manufacture components for the Patriot missile. 
  • The U.S. Food and Drug Administration (FDA) has approved Eli Lilly’s GLP-1 weight loss drug Foundayo (orforglipron), which has lower dietary and time constraints. 
  • McCormick and Unilever have announced a merger of their food business, valued at approximately $65 billion. McCormick will be paying Unilever $15.7 billion in cash and $29.1 billion in stock of the unified entity.
  • Marvell Technology’s shares rallied after the company announced a 2 billion investment from Nvidia along with an expanded partnership which would entail greater integration of Marvell’s semiconductors and hardware by Nvidia’s infrastructure.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week. 
  • The U.S. 10-year Treasury yield declined to 4.329% and the yield on the 2-year note fell to 3.80%.
  • The U.S. Dollar Index fell to 99.98 over the week.