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Volatility remains elevated due to conflict in Iran

Stock market update: April 3, 2026

The S&P 500 rose early during the holiday-shortened trading week before news-driven volatility settled in on Thursday. 

Stocks
On Monday morning, comments from the White House stoked new hopes that an end to the conflict in Iran might be near. However, any positive effect on the market would prove to be short-lived, with stocks resuming their sell-off by the end of the day. The bearishness persisted despite new comments from Fed Chair Powell that reiterated an uncertain outlook regarding interest rates, given geopolitical tensions. On Tuesday and Wednesday, however, the market staged a spirited rally on new optimism regarding the conflict in Iran, fueled in part by rumors of ceasefire negotiations. The S&P 500 rallied 2.91% on Tuesday alone, notching its strongest daily rally in 2026 thus far. However, the optimism was blunted after President Trump announced Wednesday night that the conflict is likely to continue for at least a few more weeks. Stocks initially fell on Thursday following the news, though they managed to rally into market close ahead of the Good Friday holiday. Overall, non-energy minerals, commercial services, and utilities were the top performers during the week, while consumer durables, communications, and producer manufacturing lagged. 

Bonds
US Treasury yields pulled back on Monday following new comments from Fed Chair Powell that reiterated uncertainty regarding interest rates, given geopolitical tensions. The market broadly saw the comments as a reason to lower expectations of interest rate hikes. They drifted lower again on Tuesday and Wednesday, contrasting with a rally in stocks driven by new hopes a resolution to the conflict in Iran might be near. Positive ADP employment data and a better-than-expected retail sales report were influences as well. Yields then spiked higher early Thursday as the market digested President Trump's comments regarding geopolitical affairs, before pulling back ahead of the Good Friday holiday. As of Thursday's market close, US 10-year yields had fallen to 4.305%, and 30-year yields to 4.876%.    

Oil
Oil prices continued their rise to start the week. New comments from the White House offered new hopes that the conflict in Iran might be near an end, but also left the door open for further escalation. The uncertainty sent key oil benchmarks higher. They then posted large drops on Tuesday and Wednesday, driven by news that renewed optimism regarding an end to current geopolitical conflicts. But they spiked on Thursday after President Trump's comments that the conflict in Iran is expected to persist for at least a few more weeks. As of Thursday's market close, West Texas Intermediate futures traded above $111 per barrel, while Brent crude topped $109.

Gold 
Gold prices spent much of the week pushing higher, building on a rebound from the prior week, where it briefly dipped below the $4,100 mark. It rallied as high as $4,800 during the week, but temporarily pulled back to the $4,550 level on Thursday before bouncing. Overall, prices continue to trade well below the $5,598 all-time high it made in early January. 

Crypto 
Bitcoin prices got a boost during the first half of the week, briefly topping $69,270 before broader market volatility triggered some bearishness on Thursday, pulling it down to as low as $65,700 by Thursday's market close. Altcoins followed the same pattern. While bitcoin managed to close green in March, which was its first green month since September 2025, it continues to trade below a key monthly trendline originating from its all-time high made in October 2025. 

Past week Year-to-date 5-year
S&P 500 2.3% –4.0% 59.4%
Oil (WTI crude) 2.8% 24.7% 16.4%
Gold (New York) 5.9% 13.8% 184.4%
Bitcoin 1.6% –24.5% 13.9%

Source: Yahoo Finance, as of April 3, 2026.

KEY DATA FOR THE WEEK OF APRIL 6

The market will keep a close eye on Friday's Consumer Price Index report, which will provide an important update regarding inflation. 

Levi Strauss () – Tuesday Durable goods orders – Tuesday
Delta Air Lines () – Wednesday FOMC minutes – Wednesday
Constellation Brands () –Wednesday EIA petroleum status report – Wednesday
BlackBerry Limited () – Thursday GDP – Thursday
The Simply Good Foods Company () – Thursday Jobless claims – Thursday
WD-40 () – Thursday CPI – Friday
See the full earnings calendarLog In Required (login required). See the full economic calendar.

Source: Fidelity.com, as of April 3, 2026.

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