Markets Struggle for Direction as Volatility Persists 24/03/2026

HOT stories for today

Market wrap:

• US stocks staged a sharp rebound on Monday, with the S&P 500 rising 1.15%, the Nasdaq gaining 1.38%, and the Dow Jones Industrial Average jumping 631 points, or 1.38%. All three benchmarks posted their strongest session since early February. The rally followed President Donald Trump’s post on Truth Social saying the US and Iran had held “very good and productive conversations” on a “complete and total resolution” of hostilities in the Middle East. Iranian state media, however, said no direct talks had taken place. Even so, risk appetite returned quickly, with the Dow up more than 1,100 points at its intraday high. Asian markets followed Wall Street higher on Tuesday as signs of possible de-escalation in the Middle East eased pressure on oil prices. That relief proved tentative.
• Brent, after dropping nearly 11% Monday to settle at $99.94 a barrel, moved back above $100, while traders continued to weigh the risk of further disruption tied to the Iran conflict. West Texas Intermediate had earlier fallen 10.3% to settle at $88.13. The backdrop remains fragile. Over the weekend, Trump threatened strikes on Iranian power plants if the Strait of Hormuz was not reopened, while Iran said it could retaliate by targeting US infrastructure. The bond market also reflected a partial shift in sentiment, with the 10-year Treasury yield falling after Trump paused strikes against Iran. Still, the rebound in oil and fading gains across Asia suggested investors were not yet ready to declare the crisis contained. Citi’s US equity strategist Scott Chronert said markets may be moving too quickly to price in relief. Investors now turn to Tuesday’s US manufacturing PMI for clues on whether geopolitical stress is beginning to filter into economic activity.

Gold Extends Selloff as Dollar Strengthens, Yields Rise

• Gold extended its decline Tuesday as investors cut exposure and a stronger dollar and higher Treasury yields further dulled the metal’s appeal. Spot gold fell as much as 2% before trimming losses to trade down about 1% at $4,335.97 an ounce. April futures were down more than 1% at $4,358.80. Silver also weakened, with spot prices off more than 3% and futures down 2.61%. The dollar index rose 0.5%, making bullion more expensive for overseas buyers, while the 10-year Treasury yield climbed about 5 basis points to 4.384%, pressuring non-yielding assets such as gold. Gold has now dropped more than 22% since reaching a record $5,594.82 an ounce at the end of January. Last week’s nearly 10% slide was its worst since September 2011. The dollar index, meanwhile, has gained about 3% since the war began. 
• Analysts said the selloff reflects a mix of macro pressure and position unwinding. Gold initially rose on haven demand at the start of the Iran conflict, but has since pulled back as investors raise cash for margin calls or lock in profits. Recent dollar strength has added to the pressure. Markets are also rethinking the outlook for US monetary policy. Sticky inflation has lowered expectations for aggressive Federal Reserve rate cuts, keeping yields elevated and reducing bullion’s appeal.Some strategists see the move as a natural correction after a prolonged rally. Gold rose more than 64% last year, and after that run, analysts say some profit-taking was inevitable as volatility pushed investors to reduce risk.

Stocks on the move:

• Airlines (DAL, UAL, LUV, AAL): Delta Air Lines, United Airlines, Southwest Airlines and American Airlines each rose about 4% after President Donald Trump said the US would hold off for five days on striking key Iranian energy infrastructure and described talks between the two countries as productive. Crude prices, a key driver of jet-fuel costs, fell 10%.
• Travel stocks (BKNG, ABNB, H, MAR, HLT): Travel-linked shares also advanced on hopes that demand could rebound if the Iran war moves toward resolution. Booking Holdings rose nearly 2%, Airbnb gained almost 3%, while Hyatt Hotels, Marriott International and Hilton Worldwide Holdings each added around 3%.
• Palantir Technologies (PLTR): Shares climbed more than 4% after Reuters reported that the Pentagon plans to adopt Palantir’s Maven artificial-intelligence system for weapons targeting as its core military AI platform. The designation would take effect by Sept. 30 and support broader use across the armed forces with more stable long-term funding.
• Cruise lines (CCL, RCL): Carnival jumped almost 6% and Royal Caribbean Cruises gained close to 5% on the latest Iran-war developments. Both stocks had been under pressure on concerns about the conflict’s economic fallout, with Carnival down roughly 19% and Royal Caribbean off more than 11% since the war began.

Watchlist: SMCI, MU, PLTR, CCL, ABNB, AAL, NVDA, COIN, ORCL

Key Economic Events Today:

EST time

08:15 am: USD ADP Weekly Employment Change
08:30 am: USD Revised Non Farm Productivity
09:45 am: USD Flash Manuf., Services PMI
10:00 am: USD Richmond Manufacturing Index
06:30 pm: USD FOMC Member Barr Speaks


Earnings

BMO (Before Market Open): Core and Main INC. (CNM), Smithfield Foods (SFD), Cheetah Mobile (CMCM), Hesai Group (HSAI)

AMC (After Market Close): GameStop (GME), KG Home (KBH)

 

The TEFS Analyst team wishes you a successful day!