Stocks fall to end the week
The three major averages posted losses on Friday.
The Dow Jones Industrial Average lost 793.47 points, or 1.73%, to end the session at 45,166.64. The S&P 500 dropped 1.67% to close at 6,368.85, and the Nasdaq Composite declined 2.15% to finish at 20,948.36.
— Sean Conlon
Clear Secure shares tumble 11% as Trump signs off on TSA pay executive order
Security screening at Los Angeles International Airport on Friday, March 27, 2026.
Myung J. Chun | Los Angeles Times | Getty Images
Shares of identity verification company Clear Secure dropped 11% Friday afternoon as President Donald Trump signed an executive order that would allow Transportation Security Administration to get paid.
TSA officers have been working without pay for weeks due to a partial government shutdown, but they “should begin seeing paychecks as early as Monday, March 30,” the Department of Homeland Security said in a post on X.
Clear Secure in the past day
The partial shutdown has led to significant airport delays.
Read here for more from CNBC’s Emily Wilkins and Justin Papp on TSA funding.
— Darla Mercado
New compute racks provide under-the-radar revenue opportunity for Nvidia, Wolfe says
Groq 3 LPX and other new compute racks offer a source of revenue for Nvidia that investors aren’t fully pricing in, according to Wolfe Research.
Analyst Chris Caso called the LPX racks both “unique” and “monetizable” for the artificial intelligence giant in a Friday note to clients. He said Groq specifically offers the biggest opportunity within incremental revenue.
“The bottom line is that these new racks – CPU, networking, storage and especially Groq – represent a very significant [incremental] revenue opportunity that isn’t in current numbers,” Caso wrote.
Nvidia has dropped more than 10% in 2026, reversing course after years of monster gains amid the AI boom. Despite the pullback, shares have surged more than 530% over the last three years.
— Alex Harring
This senior housing stock can rally more than 20%, says RBC
RBC Capital Markets initiated coverage on Sonida Senior Living with an outperform rating on Friday. Its $39 price target suggests 24% upside from Thursday’s close.
Sonida’s recent $1.8 billion acquisition of CNL Healthcare Properties is “transformative,” analyst Ben Hendrix said. The merger makes it the eight largest senior housing owner in the United States, he added.
The result is “significant added scale, notable earnings accretion, and reduced leverage, which in our view, points to unappreciated value in SNDA’s differentiated real estate platform,” Hendrix wrote. “Our thesis is reinforced by strong demand from aging demographics against a supply constrained backdrop, which should support continued occupancy and rate momentum.”
— Michelle Fox
Bitcoin slides 4%, gives up its gains for the month
Sebastien Bozon | Afp | Getty Images
The price of bitcoin fell 4% as the market sell-off accelerated in afternoon trading, dropping to $65,801.13.
The flagship cryptocurrency has now given up its March gains and is sitting nearly 50% off its October record.
Meanwhile, bitcoin ETFs were on pace for the first month of net inflows ($1.36 billion) since October, as of Thursday’s market close, per SoSoValue.
— Tanaya Macheel
West Texas Intermediate crude oil futures settle up to highest level since 2022
West Texas Intermediate crude oil futures rose as much as 5.46% to $99.64 on Friday, marking their highest level since 2022.
The last time WTI crude oil futures met or exceeded that level was on July 20, 2022, when they settled at $102.26.
Oil futures shot up, even as U.S. Secretary of State Marco Rubio said Friday that the Iran War could be waged without sending U.S. troops to invade the Islamic Republic by land and that the operation could end within the next few weeks. However, U.S. deployments to the Middle East have risen recently.
— Liz Napolitano
Jefferies sees more than 20% upside for Hallador Energy
Hallador Energy was upgraded to buy from hold at Jefferies following the coal company’s newest capacity deal. The firm also raised its price target to $22.50, implying 22% upside from Thursday’s close.
With Hallador locking in capacity hedges at $470 megawatts a day for two years, it meaningfully exceeded its current $230/MW-day, analyst Julien Dumoulin-Smith said in a note Thursday. The company also only hedged through summer of 2028, leaving the fall open for presumed hyperscaler capacity offtake, he said.
“This latest update not only appreciates the value in HNRG’s core business but also creates a better setup for 515MW gas expansion and a potential data center deal,” Dumoulin-Smith wrote.
It also “points to a more constrained market in near term than expected, and multiple hyperscalers active in the region (META, GOOG and AMZN) making us incrementally positive on multiple optionalities not currently reflected in HNRG shares,” he added.
— Michelle Fox
19 stocks in the S&P 500 trade at new 52-week highs
Tractor trailers at a Chevron truck stop in Tracy, California, US, on Wednesday, March 25, 2026.
David Paul Morris | Bloomberg | Getty Images
On Friday, 19 stocks in the S&P 500 traded at new 52-week highs.
Names that hit this milestone included:
- Archer-Daniels-Midland trading at levels not seen since January 2024
- ConocoPhillips trading at levels not seen since April 2024
- Chevron trading at all-time highs back to its merger with Texaco in 2000
- EQTÂ trading at all-time highs back to when it was first listed on NYSE in June 1950
- Diamondback Energy trading at levels not seen since July 2024
- Halliburton trading at levels not seen since April 2024
- Marathon Petroleum trading at all-time highs back to its spinoff from Marathon Oil in June 2011
- Valero trading at all-time highs back to its spin-off from PG&E Corp in 1980
- Exxon trading at all-time highs back to when it was listed on the NYSE in 1920
- Dow Inc trading at levels not seen since January 2025Â Â
- LyondellBasell trading at levels not seen since February 2025
- Entergy trading at all-time high levels back through our history to 1972
Stocks that traded at new 52-week lows during the session included:
- DoorDash trading at lows not seen since October 2024
- Domino’s Pizza trading at lows not seen since November 2023
- Lululemon trading at lows not seen since Mar 2020
- Nike trading at lows not seen since October 2017
- Fidelity National Information Services trading at lows not seen since October 2013
- Visa trading at lows not seen since November 2024
- Gen Digital trading at lows not seen since November 2023
— Lisa Kailai Han and Christopher Hayes
Fed’s Paulson sets out policy response to AI-driven growth
Philadelphia Federal Reserve President Anna Paulson said Friday that the current state of inflation running above the central bank’s 2% is making her more apprehensive about policy.
Speaking about the potential impact that artificial intelligence could have on the economy, Paulson laid out three scenarios: low-, medium- and high-growth potential for AI and how that would influence her approach to setting interest rates.
“Among the things that I will be looking at to determine appropriate policy in a situation like that is: where we are, and where we have been, relative to our goals. Put simply, if inflation were at the 2-percent target, I would feel more comfortable being patient, keeping monetary policy on hold and waiting to see if a hypothetical growth surge puts upward pressure on inflation,” she said during a speech in San Francisco.
“But if inflation is above 2 percent and has been for some time, I would be more cautious. I would be inclined to weight the possibility of overheating more heavily in determining appropriate policy,” Paulson added.
Paulson is a voting participant this year on the Federal Open Market Committee.
— Jeff Cox
Fed’s Barkin says economic ‘fog’ is making it difficult for policymaking
Federal Reserve Bank of Richmond President Thomas Barkin attends a conversation with the Economic Club of Washington DC in Washington, D.C., U.S., April 9, 2025.Â
Kevin Mohatt | Reuters
Richmond Federal Reserve President Thomas Barkin was noncommittal in a speech Friday about where he sees interest rates heading, saying the economic “fog” has intensified.
Citing uncertainty over the labor market, artificial intelligence and the Iran war’s impact on inflation, the central bank policymaker said only that this month’s decision to keep benchmark rates steady “felt prudent” considering the many questions over current conditions.
“When you drive through fog, you don’t want to put your foot on the gas; you don’t know what lies around the next turn. You also don’t want to slam on the brakes; someone could hit you from behind,” Barkin told an economic forum in Johnson City, Tennessee. “So, you pull over, and put on your hazards.”
In fact, Barkin said over the past year the fog has “deepened and spread.” Still, he said the economy “keeps chugging along” even with threats to inflation and the labor market.
Barkin is a nonvoting participant at Federal Open Market Committee meetings this year. He will vote again in 2027.
— Jeff Cox
S&P 500 poised for longest weekly losing streak since 2022
The S&P 500 is on track for its worst weekly losing streak in nearly four years.
The broad index has dropped around 1.4% since Monday, on pace for its fifth straight negative week. A losing run of that length was last seen in May 2022.
The S&P 500, 1-month
The S&P 500 is now down 6.8% in March. If that holds, it would mark the benchmark’s biggest monthly slide since December 2022.
— Alex Harring and Chris Hayes
Citi cuts U.S. stocks exposure
Citigroup strategists brought their U.S. small-cap overweight “back to zero” as part of a broader effort to cut equity exposure. The bank also reduced its overall equity allocation to neutral, citing a broad set of negative macro signals now flashing caution.
“With most of our negative equity macro risk signals triggering, we continue to cut equity exposure, taking our allocation to neutral,” Citi strategists wrote in a note to clients. “The incentives for both Iran and Israel do not necessarily align with a quick end.”
— Yun Li
The Fed’s next move could possibly be a rate hike, fed funds futures show
Surging energy prices, rising import costs and mounting stagflation concerns are pushing markets to consider that the Federal Reserve’s next move could be a rate hike.
Traders in the futures market pushed the probability of a rate increase by the end of 2026 to 52% Friday morning, the first time it has crossed the 50% threshold, according to the CME Group FedWatch tool.
The move comes as global benchmark crude prices topped $110, adding to a series of developments this week signaling that inflation pressures may be building as the Iran war drags on and U.S. tariffs raise costs. Read more.
— Jeff Cox
University of Michigan sentiment reading close to estimate
A man walks by the dairy section at a supermarket in Houston, Texas, on March 17, 2026.
Ronaldo Schemidt | AFP | Getty Images
Consumer views on the economy dipped in March while inflation expectations creeped higher on concerns over the impact from the war with Iran, according to the University of Michigan’s closely watched survey.
The Survey of Consumers for the end of March saw a headline reading of 53.3, down 5.8% from February and 6.5% from a year ago. Economists surveyed by Dow Jones had been looking for 54.0.
Other parts of the survey saw the current conditions index fall 1.4% to 55.8 and the expectations index tumble to 51.7, down 8.7%.
On inflation expectations, the one-year outlook rose to 3.8%, up 0.4 percentage point from February but lower than the January reading. The five-year outlook edged lower to 3.2%.
The inflation readings indicated heightened worry about prices though generally indicated that no dramatic spikes are expected despite the surge in energy prices. For example, a year ago the one-year outlook was at 5%, around double the actual current level of consumer price index inflation.
“These patterns suggest that, at this time, consumers may not expect recent negative developments to persist far into the future,” said survey Director Joanne Hsu. “These views are subject to change, however, if the Iran conflict becomes protracted or if higher energy prices pass through to overall inflation.”
— Jeff Cox
Dow moves into correction territory
The Dow Jones Industrial Average fell more than 500 points, or 1.1%, in morning trading on Friday, putting the index 10% below its 52-week high.
Dow Jones Industrial Average, 1-year
— Sean Conlon
Wall Street’s fear gauge hits 30
The CBOE Volatility Index, otherwise known as Wall Street’s fear gauge, surpassed the 30 level on Friday morning.
The VIX was trading at 30.01, as of 9:41 a.m. ET, after closing last Friday above 26.
CBOE Volatility Index, 5-day
— Sean Conlon
Stocks open lower
Jefferies upgrades Primo Brands
A general view of atmosphere at Kathy Hilton and Rick Hilton’s Special Holiday Dinner for Saratoga Spring Water prepared by Chef Curtis Stone on Dec. 2, 2024 in Miami, Florida.
Sergi Alexander | Getty Images
Primo Brands, owner of viral bottled-water brand Saratoga Springs, is likely to gain more ground as it continues to ramp up its retail push, according to Jefferies.Â
The investment firm upgraded the stock to buy from hold. It also raised its price target to $25 from $24, suggesting roughly 40% upside. Â
“Primo Brands offers a rare combination of value, growth, and visibility,” analyst Kaumil Gajrawala said Friday in a note to clients. “Having entered ’26 on a firmer footing, the story is shifting from stabilization to optimization, bringing the retail opportunity to the fore.”
Primo Brands shares, 1-day
CNBC Pro subscribers can read more here.
— Liz Napolitano
AstraZeneca, Unity Software and TripAdvisor among the names making moves before the bell
Check out the companies making the biggest moves premarket:
- AstraZeneca — The pharma giant rose 3% after its experimental drug, tozorakimab, was found to meaningfully reduce flare-ups in cases of chronic obstructive pulmonary disease. The drug delivered the results in two late-stage trials, and the company said full results will be delivered at an upcoming medical meeting.
- Tripadvisor — The travel booking website gained 3% following an upgrade to buy from neutral at Bank of America, citing accelerating activist engagement and rising strategic optionality across the portfolio.
- Unity Software — The platform for game developers surged more than 11% after Unity Software issued preliminary first-quarter adjusted EBITDA of $130 million to $135 million, higher than previous guidance of $105 million to $110 million.
Read the full list here.
— Davis Giangiulio
Brent oil surpasses $110
Brent crude futures, 1-day
— Sam Meredith and Lee Ying Shan
Citi downgrades equities
Citi downgraded its equity stance to neutral as the U.S.-Iran war continues.
“Given the oil-led market turmoil, we had already cut our equity risk in half in week two of the US-Iran war, bringing our US small cap overweight back to zero,” strategists at the bank wrote. “As hopes of a fast resolution to the war fade, we cut our exposure further. That resolution proposals have been exchanged between the US and Iran is a positive start, continued deadline extensions by the US are overall net negative for a resolution. While there is a striking resemblance with how the US-China tariff negotiations progressed (escalatory deadlines that were subsequently postponed), a difference in this case is the incentives for both Iran and Israel do not necessarily align with a quick end.”
— Fred Imbert
Asia markets trade mixed as murky U.S.-Iran peace talks prospects keep investors on edge
A currency dealer monitors exchange rates as a screen shows South Korea’s benchmark stock index (KOSPI) and the Korean won/USD exchange rate (C) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 23, 2026.
Jung Yeon-je | AFP | Getty Images
Asia-Pacific markets traded mixed on Friday following a volatile session, as the uncertain prospect of a peace deal in the Middle East kept investors on edge.
South Korea blue-chip Kospi pulled back 0.4% to end at 5,438.87, paring losses earlier in the session, while the small-cap Kosdaq rebounded to gain 0.4% and finish at 1,141.51.
Australia’s S&P/ASX 200 fell 0.11% to 8,516.3. Japan’s Nikkei 225 slipped 0.43% to 53,373.07, and the broad-based Topix added 0.19% to 3,649.69.
Hong Kong’s Hang Seng index rose 0.38% to 24,951.88 while mainland China’s CSI 300 climbed 0.56% to 4,502.57.
— Anniek Bao
Asia markets fall with South Korea’s Kospi leading losses despite extended peace talks
Asia-Pacific markets fell Friday following a volatile session on Wall Street overnight, as prospect of a peace deal in the Middle East remained murky.
South Korea led the broader declines in the region with blue-chip Kospi pulling back 3.6% and the small-cap Kosdaq down 2%.
Australia’s S&P/ASX 200 fell 0.42%. Japan’s Nikkei 225 slipped 1.6%, and the broad-based Topix slid 0.8%.
Hong Kong’s Hang Seng index fell 0.2% while mainland China’s CSI 300 tumbled 0.4%.
— Anniek Bao
Bearishness narrowed a bit but remained high in latest poll of individual investors
A bear statue stands outside the Frankfurt Stock Exchange on April 7, 2025 in Frankfurt, Germany.
Florian Wiegand | Getty Images
Pessimism toward the outlook for stock prices over the next six months slightly narrowed, to 49.8% of respondents from 52.0% last week (which was the highest since May), in the latest survey by the American Association of Individual Investors.
Still, Â bearish sentiment remains “unusually high and is above its historical average of 31.0% for the seventh consecutive week,” AAII said.
Bullishness that stock prices will rise over the next six months rose to 32.1% from 30.4% last week (which was the fewest since last September). Optimism was below its historical average of 37.5% for a sixth consecutive week.
Asked in a special question what they thought of last week’s move by the Federal Reserve to keep interest rates unchanged, almost two thirds of those surveyed (66.5%) said it was the right move. Only one in seven (14.2%) said the Fed should have cut rates, while 13.7% said the central bank should have raised rates. The rest were unsure or had no opinion.
— Scott Schnipper
Stocks head for mixed week
As of Thursday’s close, the major averages were on pace for a mixed week. Here is where they stand.
- The Dow Jones Industrial Average was up 0.84%
- The S&P 500 was down 0.45%
- The Nasdaq Composite was down 1.11%
— Sarah Min
Sen. Warren tears into Trump’s Fed Chair pick Kevin Warsh in scathing letter
Sen. Elizabeth Warren, D-Mass., talks with reporters after a Senate Armed Services Committee closed briefing on the Iran war, in the Capitol Visitor Center on Tuesday, March 10, 2026.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
Sen. Elizabeth Warren, D-Mass., fired off a letter to Federal Reserve chair nominee Kevin Warsh, tearing into him about his track record at the central bank.
“As Fed Chair, you will be responsible for directing economy-altering policies that have serious consequences for American workers and communities,” Warren wrote in a letter obtained by CNBC prior to its public release.
“However, your track record leading up to, during, and after the 2008 financial crisis raises significant concerns about your ability to do so,” she said.
Warsh, who President Donald Trump selected to helm the central bank, previously served as a Fed governor from 2006 to 2011. Back then, he was chosen by President George W. Bush.
Warsh’s confirmation is up in the air after Sen. Thom Tillis, R-N.C., said he wouldn’t vote for any Fed nominees until a criminal investigation into Fed Chair Jerome Powell is resolved.
Read more from CNBC’s Emily Wilkins and Dan Mangan about Warren’s letter to Warsh here.
— Darla Mercado
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading:
- Newsmax — Shares of the conservative cable news network jumped 5% after posting fourth-quarter revenue and full-year sales guidance that came in stronger than expected. Quarterly revenue of $52.2 million exceeded the $44.0 million FactSet consensus estimate. It forecast revenue of $212 million to $216 million for the year ending December, more than the $206.1 million estimate.
- Argan — Shares of the construction firm rallied more than 9% after reporting fourth-quarter earnings and revenue that exceeded expectations. Argan posted earnings of $3.47 on revenue of $262.1 million. Analysts polled by FactSet forecasted per-share earnings of $1.98 on revenue of $255.3 million.
- Unity Software — The platform for game developers surged more than 13% after Unity Software issued preliminary first-quarter adjusted EBITDA of $130 million to $135 million, higher than previous guidance of $105 million to $110 million.
— Sarah Min
