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Conflict in Iran continues to drive volatility

Stock market update: March 13, 2026

Markets were once again mostly captive to news regarding the conflict in Iran during the week. A key FOMC announcement is scheduled for this coming Wednesday.

Stocks
The S&P 500 kicked off the week with a sizable rally, jumping 0.83% as the market digested the latest news from the conflict in Iran. Semiconductor stocks got a boost, and the Nasdaq finished the day up 1.38%. The rally was sustained into the first half of Tuesday's trading session, with the S&P 500 briefly breaking the 6,845 mark. However, some of the bullish momentum diminished heading into the end of the day. Bearish sentiment then settled in on Wednesday as the market wrestled with the possibility of prolonged conflict in Iran. It intensified on Thursday and Friday over new uncertainty regarding the future of the Strait of Hormuz, as well as new data showing Growth Domestic Product grew slower than expected in late 2025. Overall, energy minerals, process industries, and utilities were the top performers during the week, while transportation, communications, and non-energy minerals lagged.

Bonds
US Treasury yields slid on Monday as the market continued to digest news from Iran. Both the 10-year and 30-year fell over 0.87%. They then posted strong rallies on Tuesday, Wednesday, and Thursday, with the 10-year briefly hitting 4.255%, and the 30-year briefly hitting 4.895%. On Friday, the 10-year pushed higher again to as high as 4.29%, and the 30-year to as high as 4.869%. This came amidst Wednesday's Consumer Price Index update, which showed a moderate increase in inflation in February, and a weekly initial jobless claims update that showed a slight decrease compared to the week before. Overall, the market is grappling with the conflict in Iran and the inflation brought on by fluctuations in oil prices. 

Oil
Oil prices continued to receive the brunt of the overall volatility during the week. Prices initially surged on Monday, with West Texas Intermediate briefly topping $112 per barrel. Then, new comments from the White House stoked hopes that the conflict in Iran might end soon, sending prices falling. Key oil benchmarks dropped over 6.5% on the development. Prices fell again to start Tuesday, but then rallied for the rest of the week. On Thursday and Friday, new uncertainty regarding the future of the Strait of Hormuz sent prices higher, even as the International Energy Agency announced it would release reserves from its emergency stockpile.

Gold 
Gold prices were relatively quiet to start the week. They rose just under 1% on Tuesday when some fears regarding inflation caused by the conflict in Iran eased, but new uncertainty regarding the future of the Strait of Hormuz reignited inflation concerns in the second half of the week. Thus, gold prices fell going into the weekend, but overall, stayed within their prior week's trading range. 

Crypto 
Bitcoin prices rose overall this week, breaking a 4-day losing streak from the prior week. They kicked off Monday with a 3.7% rally, then another 2.2% on Tuesday. After nearly breaking $74,000 on Friday, momentum faded going into the weekend. But overall, it was up over 7% by Friday's stock market close. Altcoins rallied as well, though bitcoin continues to outperform for now, as it attempts to break 5 straight months in the red. 

Past week Year-to-date 5-year
S&P 500 –0.7% –3.3% 69.3%
Oil (WTI crude) 7.6% 71.11% 59.7%
Gold (New York) –1.2% 16.8% 188.8%
Bitcoin 7.6% –19.8% 19.9%

Source: Yahoo Finance, as of March 13, 2026.

KEY DATA FOR THE WEEK OF MARCH 16

All eyes will be on Wednesday's FOMC announcement, in addition to several other key economic updates. Also, the companies listed below will be among those providing earnings reports during the week. 

Dollar Tree () – Monday Retail sales – Monday
Tencent Music () – Tuesday Industrial production – Monday
lululemon atheltica () – Tuesday FOMC announcement – Wednesday
Micron () – Wednesday PPI - final demand – Wednesday
Jabil () – Wednesday Jobless claims – Thursday
PDD Holdings () – Thursday New home sales – Thursday
See the full earnings calendarLog In Required (login required). See the full economic calendar.

Source: Fidelity.com, as of March 13, 2026.

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