Major market indices finished the week lower as oil prices continued their upward march, adding pressure to equities. Emerging markets were hit the hardest as investors reacted to the energy shock and rising geopolitical uncertainty.
Conflicting reports surrounding the war added to market volatility, while the shutdown of the Strait of Hormuz—through which roughly 20% of the world’s oil supply normally flows—has intensified concerns about global energy availability.
In response, 32 member countries of the International Energy Agency (IEA) agreed to a coordinated release of up to 400 million barrels from strategic reserves. The United States will contribute 172 million barrels from the Strategic Petroleum Reserve. The move was designed to ease the surge in oil prices tied to the conflict with Iran, though markets have so far seen only limited relief.
On the economic front, fourth-quarter GDP was revised lower, adding another layer of concern about the strength of the global economy.
Treasury Yields
- 30-year Treasury: 4.912% (higher)
- 10-year Treasury: 4.287% (higher)
Mortgage Rates
- Average 30-year fixed (Freddie Mac): 6.11% (higher)
Commodities & Currency
- Crude oil: $97.96 per barrel (much higher)
- Natural gas: $3.141 (lower)
- U.S. dollar index: 100.33 (much higher)
- Gold: $5,050.40 per ounce (lower)
- Silver $80.895 per ounce (lower)
The National Association of Realtors
- Existing home sales (February) +1.7%
- 12 months -1.4%
- Inventory of unsold homes +2.4% (February), +4.9% 12 months
- Median sales price of an existing home sale $398,000, +0.3% 12 months
Treasury Department Monthly Statement
Commerce Department
- Housing starts January +7.2%, 12 months +9.5%
- Single family -2.8% January, 12 months -6.5%
- Multifamily +29.1 January, 12 months +56.9%
- Permits (An indication of future starts)
- Single family -0.9% January, 12 months -11.6%
- Multifamily -13.4%, 12 months +8.9%
Trade Deficit
The rise in exports was largely attributed to a surge in gold exports.
Q4 Gross Domestic Product
- 2nd estimate, 0.7% annual rate (Previous estimate 1.4%)
Personal Consumption Expenditures +0.4% January
- PCE price index +0.3% January and +2.8% 12 months
- PCE price index excluding volatile food and energy +0.4% January and 3.1% 12 months. This is the FED’s preferred measure of inflation.
- Personal Income +0.4% January and +4.6% 12 months
- Savings rate 4.5% (higher)
Labor Department
Jobless Claims (prior week)
- New Claims 213,000
- 4-week Moving Average 212.000 (lower)
- Total Claims 1,850,000 (lower)
Consumer Price Index
- +0.3% February, +2.4% 12 months
- Excluding food and energy +0.2% February and +2.5% 12 months
- Largest February increase. fuel oil +11.1%.
- Largest February decrease, electricity -0.7%.
- 12-month largest increase, natural gas +10.9%.
- 12-month largest decrease, gasoline -5.6%.
Energy & Industry Data
Energy Information Administration
- Weekly Oil Production 13.678 million barrels (lower)
- Natural Gas Storage -38 billion CuFt, about at the average for this time of year over the past 5 years.
Baker Hughes Rig Count
- Oil rigs: +1 at 412
- Gas rigs: -1 at 133
(All data was released the week of 03/09/2026)
If you have questions about the markets or your financial plan, we’re always here to help.
Loren Rex – Emeritus
Erik A Smith, AIF® – President & C.E.O.
Nicholas Acri, CFP® – Partner & Wealth Advisor
Dylan Thomas, CFP® – Partner & Wealth Advisor
Jack Zeeb – Wealth Advisor
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange (more than 2500 stocks).
Sources:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W
https://ir.eia.gov/ngs/ngs.html
https://www.freddiemac.com/pmms
https://www.wsj.com/market-data?mod=nav_top_subsection
https://bakerhughesrigcount.gcs-web.com/na-rig-count
https://www.census.gov/economic-indicators
https://www.bea.gov/data/gdp/gross-domestic-product
https://www.bls.gov/news.release/archives/empsit_03062026.htm
