LPL Research
Last Updated: April 02, 2026
LPL Financial and the stock market will be closed on Friday, April 3 for the Good Friday holiday.
LPL Research provides its Weekly Market Performance for the week of March 30, 2026. U.S. equities rallied during the holiday-shortened week, snapping a multi-week losing streak as easing Treasury yields, quarter end rebalancing, and hopes for a de-escalation in the U.S.–Iran conflict supported risk assets, with the Nasdaq outperforming on strength in large cap technology. Internationally, European stocks advanced on improved risk sentiment and cooler inflation data, while Asian markets were mostly weaker. Core bonds posted gains as Treasury yields pulled back on more dovish rate expectations pricing. Crude prices continued to trend higher as the conflict in Iran continued, while the U.S. dollar traded modestly lower amid volatile headlines.
Stock Index Performance
| Index | Week-Ending | One Month | Year to Date |
| S&P 500 | 3.18% | -4.51% | -4.01% |
| Dow Jones Industrial | 2.85% | -5.01% | -3.35% |
| Nasdaq Composite | 4.14% | -4.10% | -6.13% |
| Russell 2000 | 3.07% | -4.93% | 1.73% |
| MSCI EAFE | 4.47% | -5.14% | 2.05% |
| MSCI EM | 2.48% | -8.02% | 3.40% |
S&P 500 Index Sectors
| Sector | Week-Ending | One Month | Year to Date |
| Materials | 3.26% | -5.73% | 10.42% |
| Utilities | 1.23% | -2.02% | 8.22% |
| Industrials | 2.84% | -8.31% | 5.60% |
| Consumer Staples | 0.43% | -6.61% | 6.84% |
| Real Estate | 3.63% | -5.21% | 3.70% |
| Health Care | 2.20% | -7.42% | -5.39% |
| Financials | 3.47% | -3.21% | -9.61% |
| Consumer Discretionary | 2.51% | -5.47% | -10.07% |
| Information Technology | 4.30% | -3.23% | -7.83% |
| Communication Services | 6.14% | -5.52% | -5.92% |
| Energy | -5.35% | 4.47% | 32.50% |
Fixed Income and Commodities
| Indexes and Commodities | Week-Ending | One Month | Year to Date |
| Bloomberg U.S. Aggregate | 0.77% | -1.32% | -0.03% |
| Bloomberg Credit | 1.03% | -1.44% | -0.41% |
| Bloomberg Munis | 0.63% | -1.88% | 0.05% |
| Bloomberg High Yield | 1.19% | -0.71% | -0.12% |
| Oil | 11.41% | 55.85% | 93.33% |
| Natural Gas | -9.56% | -5.44% | -24.06% |
| Gold | 3.94% | -12.23% | 8.14% |
| Silver | 4.16% | -18.70% | 1.40% |
Source: LPL Research, Bloomberg 4/2/26 @3:16 p.m. ET
Disclosures: Indexes are unmanaged and cannot be invested in directly.
U.S. and International Equities
U.S. Equities: Despite capping a down month and the first quarterly loss over the last four, the S&P 500 snapped a five-week losing streak, posting a healthy four-day advance over the holiday shortened week. After rate-sensitive trading on Monday sent equities lower alongside Treasury yields, following calming remarks from Federal Reserve (Fed) Chair Powell, major averages delivered a stout two-day relief rally on optimism around U.S.-Iran offramps. Fueling the surge was reports that President Trump told aides he is willing to end hostilities in Iran should the Strait of Hormuz be re-opened, with separate reports later indicating that Iranian President Pezeshkian stated he is ready to end the war accelerating gains. Improved market positioning, month- and quarter-end rebalancing dynamics, and mostly higher big tech names also broadly padded gains helping lift the Nasdaq a bit more than the S&P 500. The abbreviated week ended on a mixed note, as stocks pared early Thursday losses on a report that Iran is drafting a protocol with Oman to monitor traffic through the Strait of Hormuz after President Trump threatened potentially intensifying attacks over the last few weeks of the conflict. While remaining lower on the day, the development was seen as a step in the right direction by investors given the reversal of a 1.5% loss in the S&P 500.
International Equities: European equities also advanced through Thursday trading. Utilities and basic resources industry groups led the charge with the latter receiving support from metals and mining names on the prospect for record aluminum prices following Iranian strikes on aluminum plants in Bahrain and the UAE, threatening a supply strain. Risk appetite was lifted on hopes of a ceasefire in the Mideast, with sentiment further buoyed by hopes that price pressures may be less than initially feared following a slightly cooler than expected preliminary consumer inflation report for March. After recent outperformance, energy shares were relative underperformers with the lion’s share of gains arriving on Thursday as crude prices turned higher.
On the other side of the coin, major Asian markets traded mostly lower heading into the first Friday of the month. South Korea remained a standout as the KOSPI remained highly sensitive to the vast swings in geopolitical headlines, with some downward pressure to start the week also stemming from pension authorities warning over the need to stabilize the won. Chipmakers were also a weak spot, with a similar dynamic weighing on Taiwan, while Japanese benchmarks also dropped on raised fiscal jitters from recent yen weakness, firmer crude prices, and central bank minutes discussing more rate hikes. Greater China continued to display some relative insulation to geopolitical worries as Hong Kong moved higher while mainland losses were subdued as Hong Kong moved higher while mainland losses were subdued.
Fixed Income, Currency, and Commodity Markets
Fixed Income: Core bonds, measured by the Bloomberg Aggregate Index, traded higher on the week heading into Friday’s abbreviated session. The Treasury market enjoyed some upside this week as bonds rallied alongside equity markets on hopes that an end to U.S.-Iran hostilities is around the corner. Yields pulled back as traders began to re-price a chance of a Fed rate cut in 2026 — or more likely a hold which is still more dovish than a rate hike — and continued to fall on Thursday despite speculation that elevated oil prices could stick around after Wednesday’s Presidential address.
More broadly in fixed income markets, the ongoing conflict in Iran has pushed global bond yields higher in March, weighing on the national municipal market as well. While March is typically a challenging month for munis — the average return over the past 10 years is ‑0.32% — last month’s ‑2.5% decline was the worst March performance since March 2022, which coincided with the most aggressive Fed tightening cycle in decades. It was also the worst monthly return since September 2023, with negative returns broad‑based across credit quality. With the drawdown, however, valuations have improved meaningfully and relative value versus Treasuries and taxable corporates has also improved, making munis competitive for investors with marginal tax rates as low as roughly 29%.
One caveat: April has historically been a difficult seasonal month for munis, with six of the past 10 Aprils producing negative returns and an average return of ‑0.40% over the past decade. Elevated supply, weak reinvestment flows, and tax‑related redemptions tend to pressure the market during this period. Nonetheless, value has returned to the municipal market, particularly in the intermediate portion of the curve.
Commodities and Currencies: The broader commodities complex was poised for a weekly advance Thursday afternoon as crude oil prices continued to march higher as April begins. Despite relatively rangebound trading, and even dipping lower on Wednesday, West Texas Intermediate (WTI) crude prices soared back into positive territory Thursday after President Trump’s primetime address from Pennsylvania Avenue disappointed investors by not providing a clear resolution timeline on the conflict in Iran or when the Strait of Hormuz will reopen, remarking that attacks may escalate as the U.S. campaign nears its end. WTI remained near weekly highs despite the reports that Iran is working with Oman on a protocol to monitor traffic through the waterway. Elsewhere, gold prices continued to bounce off key technical levels reached last week, adding over 3% through Thursday afternoon trading, while silver also gained ground. In currencies, the U.S. Dollar Index faced choppy trading amid volatile geopolitical headlines, rate expectations, and economic outlooks, ultimately trading slightly lower but still hovering near 100.
Economic Weekly Roundup
Tuesday’s release of the JOLTS jobs report indicated hiring and job openings fell but, not across all sectors. Data from the Bureau of Labor Statistics suggested the quits rate and hiring rate fell in February as the labor market cooled from the headwinds of inflation and tariff uncertainty. We won’t see the potential impact of Operation Epic Fury until next month. Across most industries, the February quits rate is below pre-pandemic levels, indicating workers’ uncertainty within the job market. On the other side of the equation, we see hiring rates have also weakened, particularly in healthcare services. This is important given the driving force in payrolls recently. Expect weakness in Friday’s nonfarm payroll report within cyclicals like retail trade and construction. But it’s not all bad news. In contrast, hiring rates (a signal from firms) and quit rates (a signal from workers) rose in the information technology space. Product demand is supportive of a decent job market for this industry.
For many workers, the uncertainty within the job market has suppressed the desire to move from one job to another. On the labor demand side, firms have pulled back on hiring rates. The one anomaly is within the information technology sector as solid labor demand has bucked the trend.
The Week Ahead
The following economic data is slated for the week ahead:
- Monday: ISM Services Index (Mar)
- Tuesday: ADP Weekly Employment Change (Mar 21), Durable Goods Orders (Feb preliminary), Capital Goods Orders and Shipments (Feb preliminary), New York Fed One-Year Inflation Expectations (Mar), Consumer Credit (Feb)
- Wednesday: MBA Mortgage Applications (Apr 3), FOMC Meeting Minutes (Mar 18)
- Thursday: Personal Income and Spending (Feb), Headline and Core PCE Price Index (Feb), Initial Jobless Claims (Apr 4), Continuing Claims (Mar 28), GDP (4Q third reading), Personal Consumption (4Q third reading), Core PCE Price Index (4Q third reading), Wholesale Inventories (Feb final), Wholesale Trade Sales (Feb)
- Friday: Headline and Core CPI (Mar), Real Average Hourly Earnings (Mar), Real Average Weekly Earnings (Mar), Factory Orders (Feb), University of Michigan Consumer Sentiment Report (Apr preliminary), Durable Goods Orders (Feb final), Capital Goods Orders and Shipments (Feb final)
Important Disclosures
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors. To determine which investment(s) may be appropriate for you, please consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk.
Indexes are unmanaged and cannot be invested into directly. Index performance is not indicative of the performance of any investment and does not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
This material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
Unless otherwise stated LPL Financial and the third party persons and firms mentioned are not affiliates of each other and make no representation with respect to each other. Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.
Asset Class Disclosures –
International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
Bonds are subject to market and interest rate risk if sold prior to maturity.
Municipal bonds are subject and market and interest rate risk and potentially capital gains tax if sold prior to maturity. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply.
Preferred stock dividends are paid at the discretion of the issuing company. Preferred stocks are subject to interest rate and credit risk. They may be subject to a call features.
Alternative investments may not be suitable for all investors and involve special risks such as leveraging the investment, potential adverse market forces, regulatory changes and potentially illiquidity. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses.
Mortgage backed securities are subject to credit, default, prepayment, extension, market and interest rate risk.
High yield/junk bonds (grade BB or below) are below investment grade securities, and are subject to higher interest rate, credit, and liquidity risks than those graded BBB and above. They generally should be part of a diversified portfolio for sophisticated investors.
Precious metal investing involves greater fluctuation and potential for losses.
The fast price swings of commodities will result in significant volatility in an investor’s holdings.
This research material has been prepared by LPL Financial LLC.
Not Insured by FDIC/NCUA or Any Other Government Agency | Not Bank/Credit Union Deposits or Obligations | Not Bank/Credit Union Guaranteed | May Lose Value
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