Resurgent crude prices sent Wall Street spiraling to kick off Monday, and that set the tone for the week. Tensions between Iran and the U.S and Israel resulted in what was just the beginning of week heavy on drone and missile strikes. The U.S. killed Iran's Supreme Leader Ayatollah Ali Khamenei, but retaliation has been swift, triggering whiplash of price action well into Friday's trading. Risk sentiment weighed after Iran closed the Strait of Hormuz, despite President Donald Trump's promise to escort tankers through if necessary.
The Dow Jones Industrial Average (DJI) fell more than 1,000 points on Tuesday, and despite paring some of these losses, is on track for a more than 3% weekly loss. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) fared no better, sporting stark weekly drops of their own. The Dow and SPX are pacing for their worst weeks since April and November, respectively. Front-month crude is eyeing a roughly 35% weekly surge.
Tech Makes More Noise Even When in Background
Several tech found their way into the spotlight, including Microsoft (MSFT) testing two key levels and MongoDB (MDB) reeling from a disappointing outlook. CoreWeave (CRWV) is under analyst scrutiny, while internet-of-things Samsara (IOT) enjoyed a post-earnings triple play.
Quantitative Signals Flashing as Volatility Ramps Up
Amidst the volatility, there are "buy" and "sell" signals abound. For the month of March, here are 25 stocks to buy, while we also compiled a list of 25 you should avoid.
Bank stock Morgan Stanley (MS) could be a good pick says this long-term signal, as well as chip favorite Advanced Micro Devices (AMD) and hotel giant Hilton Hotels (HLT). Alibaba (BABA) is also making a case for itself, as it nears a historically bullish trendline.
Inflation Data Important Now More Than Ever
Wall Street will have plenty of economic data to unpack next week. Inflation readings could determine the path of interest rates are on tap, while more jobs data will shed some light on a rough labor market. Earnings will quiet down, but traders will be parsing through reports from Adobe (ADBE), Dick's Sporting Goods (DKS), Kohl's (KSS), Ulta Beauty (ULTA), and more.
Don't miss out on Schaeffer's Senior Market Analyst Matthew Timpane's take on why you shouldn't be a Wall Street hero right now, as well as Senior Quantitative Analyst Rocky White's look at consumers during an increase in wider market pessimism.
