Global stock market overview for the week of 23–28/03/2026
📉 Global equities stayed under pressure this week as US-Iran tensions and risks around the Strait of Hormuz kept markets defensive. Oil surged and then reversed on shifting negotiation headlines, but the bigger issue was the growing fear that higher energy costs could keep inflation elevated and delay rate cuts.
🇺🇸 Wall Street remained the center of weakness. The S&P 500 lost nearly 2% for the week, while the Nasdaq and Dow Jones posted similar declines, with the Dow officially entering correction territory. The S&P 500 also fell below its 200-day moving average, showing that caution is now spreading across the broader market.
🛢️ Energy was the clearest winner as money rotated into stocks linked to higher oil prices, while technology, software, and other rate-sensitive sectors stayed under pressure. This divergence shows the market is no longer trading in a simple risk-on or risk-off pattern, but is increasingly separating winners from losers based on inflation exposure and funding costs.
🌍 Europe and Asia also saw sharp swings as indexes reacted to every move in oil and every new headline tied to Iran. Japan, South Korea, and many emerging markets faced extra pressure because of their dependence on imported energy, while the US dollar kept much of its safe-haven appeal.
📈 Another notable shift was the rotation away from US mega-cap growth into small-cap, mid-cap, and selected developed markets outside the US. At the same time, Treasury yields stayed elevated and the VIX remained sensitive, showing that investors are still far from embracing strong risk appetite again.
⏳ Overall, the week of 23–28/03 was not just a broad equity sell-off, but a wider repricing of risk driven by oil, inflation, and geopolitical uncertainty. The next focus is whether US-Iran negotiations, oil prices, and upcoming economic data can stabilize sentiment or deepen concerns about growth.