Stocks continue slide as US oil settles above $100

Stocks fell, weighed down by tech, as the US-Iran war enters its fifth week.

Your Evening Briefing March 30, 2026 Stocks continue slide as US oil settles above $100 The S&P 500, Nasdaq 100, and Russell 2000 fell as US oil prices rose, settling above $100 per barrel for the first time since 2022. Comments from Fed Chair Powell that inflation expectations seem to be well-anchored drove Treasury yields lower as traders' fear of a rate hike this year eased. Financials was the best performing sector while industrials and information technology were the worst. Stocks that moved higher: Freddie Mac and Fannie Mae soared after Bill Ackman and Michael Burry posted on X that the stocks are undervalued. Aluminium stocks Alcoa and Century Aluminum climbed as an Iranian strike on major smelting operations in the Gulf region tightened supply. Meta rallied after being named a "top pick" by Morgan Stanley. BYD jumped on a report that the electric vehicle maker expects to beat its 2026 overseas sales target by 15%. United Therapeutics surged after announcing that the trial for its pulmonary fibrosis drug met its primary endpoint. Embattled SaaS stocks Zscaler, Atlassian, ServiceNow, CrowdStrike, and Salesforce rebounded. Palo Alto Networks rose on news that its CEO bought $10 million in company stock on Friday. Stocks that moved lower: Avis sank after revealing plans to sell up to 5 million shares of common stock. Fermi fell after releasing its 2025 financial results, which showed the cost for its power site is mounting while it still doesn't have any customers secured. Alaska Air dove after lowering its Q1 profit forecast due to surging fuel costs. Sysco sank on news that the food distributor is buying Restaurant Depot for roughly $29 billion (including debt). Memory stocks Western Digital, Micron, Seagate Technology Holdings, and retail favorite Sandisk continued a sell-off that began last week over a potentially more memory-efficient AI algorithm from Google Research. Optical stocks Applied Optoelectronics, Corning, Lumentum, Coherent, and Ciena Corp. got slammed, perhaps in part due to reports that Samsung is entering the silicon photonics market. AI construction trades Emcor, Vertiv Holdings, and Sterling Infrastructure sank. Palantir dropped as the British government weighed removing Palantir from NHS data systems. Robinhood and SoFi Technologies dipped on news that Morgan Stanley's E*trade is in talks to lead the SpaceX IPO for retail investors. (Robinhood Markets, Inc. is the parent company of Sherwood Media, an independently operated media company.) War and AI doubts have fueled an unprecedented divergence between stock prices and earnings estimates The S&P 500 has never been down this much when earnings estimates have risen by this much, based on data going back to Q2 1990. Read more. Americans won't tolerate bland food anymore — and it's turned McCormick into a ~$7 billion-a-year spice and sauce giant Now, McCormick is eyeing Unilever's food business. Read more. Per the company's post on X last Thursday, Google-owned Waymo is now providing 500,000 paid robotaxi rides every week, an eye-popping figure that's slowly turning the street-side attraction into a daily scenery in some 10 cities in the US. Read more. JetBlue is raising its bag fees as fuel costs squeeze airlines Earlier this month, JetBlue said strong demand has "partially offset additional expenses" from rising fuel costs. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025