March 11, 2026 – Oil Spikes, Stocks Sulk: Wall Street Rediscovers Geopolitical Risk -( $HIMS $MODD $NOK $NBIS $NVDA $OPEN $SOXX $XLE Rise!)

US stocks extended their pullback on Wednesday, March 11, 2026, as investors grappled with fresh inflation data, surging oil prices, and ongoing fallout from the Iran war.

Indexes and overall tone

• The Dow Jones Industrial Average fell close to .61%, adding to recent weakness and reflecting pressure on economically sensitive names
• The S&P 500 also slipped .08%, while the Nasdaq Composite rose +.08%, highlighting a defensive tone beneath the surface despite resilience in parts of tech.
• Volatility remained elevated as traders faded Tuesday’s tentative stabilization and refocused on geopolitical risk and the path of Federal Reserve policy.

Geopolitics, oil, and inflation

• The Iran war continued to reverberate through energy and shipping markets, with attacks and disruptions around key routes keeping supply risk firmly in focus.
• Crude oil prices jumped again to $88.85 on Wednesday after a prior sharp swing lower, as markets reassessed how durable any cease-fire talk or military “mission accomplished” rhetoric might be.
• February Consumer Price Index data showed a 0.3% month‑over‑month rise and 2.4% year‑over‑year increase, roughly in line with expectations but released before the latest spike in energy costs, complicating the inflation narrative.

Fed expectations and macro narrative

• With CPI on the tape and the Fed’s preferred PCE gauge due later in the week, traders debated whether higher oil will bleed into headline inflation enough to delay rate cuts.
• Some economists warned that investors may be misreading the Fed’s reaction function, arguing that energy‑driven price spikes could keep policymakers cautious even as growth and labor data cool.
• Credit concerns also crept in, as reports of markdowns and tighter lending standards in private credit portfolios at major banks underscored a more restrictive financial backdrop.

Sector and stock movers

• Energy led the market, helped by the jump in crude and continued focus on supply security; the SPDR Energy sector ETF (XLE, $56.98, +2.48%) remained one of March’s strongest performers.
• Technology was a relative bright spot, but leadership inside the group rotated toward software, & semiconductor benchmarks such as the iShares Semiconductor ETF (SOXX) edged up .97% stayed over 5% negative for the month.
• In single‑stock action, Oracle rallied more than 10% after delivering an upbeat earnings report and outlook tied in part to AI and cloud demand, offering a rare dose of corporate optimism in an otherwise cautious tape.
• CarMax (KMX, $42.50, +.85%) gained in early trading after activist Starboard Value disclosed a sizable stake and pushed for faster operational improvements, including board nominations aligned with the incoming CEO.

Market internals and key levels

• Under the hood, breadth skewed negative on the NYSE, and cyclicals lagged, signaling skepticism about near‑term growth even as select tech and energy names held up.
• Materials and consumer‑oriented sectors, which had been standouts earlier in the year, underperformed as investors rotated toward perceived quality and cash‑flow visibility.
• Traders continued to watch the S&P 500 around the 6,800 zone, a level that has taken on technical significance since the Iran conflict escalated and that now serves as a key barometer of risk appetite.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Hims & Hers Health, Inc. (NYSE: HIMS, $25.88, +10.27%)

Hims & Hers Health, Inc. (NYSE: HIMS) announced (March 9) a collaboration with Novo Nordisk as part of a new strategy for weight loss care treatments involving GLP-1s, evolving its US offering to match the company’s approach globally. In the US, the company now plans to provide GLP-1 customers with access to a broad assortment of FDA-approved medications and offer compounded semaglutide through the platform on a limited scale. By aligning its domestic and international models in weight loss, Hims & Hers will become the largest global consumer health platform for access to more affordable, approved medications.

Hims announced ( March 11) the appointment of Kathryn Beiser as Chief Communications Officer. In this role, Beiser will lead external and internal communications for the company as it enters a new phase of domestic and international growth. In her role as CCO, Beiser will report to CEO Andrew Dudum and focus on continuing to build the Hims & Hers brand and reputation while helping the industry understand the company’s expansive vision for the future. A seasoned communications leader, Beiser has expertise launching, building, and elevating corporate brands in highly regulated industries, serving as the Chief Communications Officer for companies including Discover, Kaiser Permanente, and, most recently, Eli Lilly and Company (LLY), and the head of the global corporate practice Edelman. She specializes in guiding companies through transformative growth phases, helping them articulate their vision and connect authentically with customers, investors, and other key stakeholders.

Eupraxia Pharmaceuticals (EPRX, $7.69)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, recently announced the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD $.2203, +2.56%)

• Modular Medical recently priced a public offering of 68,098,000 shares of common stock (or pre-funded warrants) alongside warrants to buy an equivalent number of shares, targeting gross proceeds of about 12 million dollars before fees. The combined public offering price of roughly 17.62 cents per share and accompanying warrant comes at a premium to the prevailing market, a rare feat in a sector where financings often resemble clearance sales rather than premium shelf space.
• Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS, $15.70)

• FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.
• After the close (Feb. 26), FIGS released its fourth quarter and full year 2025 financial results and published a financial highlights presentation on its investor relations highlighting the following: Exceeded Top and Bottom Line Expectations, Grew Q4 2025 Net Revenues 33.0% to a Record $201.9 Million, Achieved Q4 2025 Net Income Margin of 9.2% and Adjusted EBITDA Margin of 13.2% & Plans Low Double-Digit Net Revenues Growth and Margin Expansion in FY 2026. FIGS shares have traded up to $13.74 in the aftermarket today.

GeoVax Labs (GOVX, $1.87)

• GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
• GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
• On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
• Shares can gap sharply on any trial or regulatory update, positive or negative.

DoubleVerify (DV, $10.59)

• DoubleVerify, the leading software platform for digital media measurement, data and analytics, today announced financial results for the fourth quarter and full year ended December 31, 2025 and highlighted the following: Increased 2025 Revenue by 14% Year-over-Year to $748.3 Million, Driven by Global Growth in Social, CTV Measurement, and Programmatic Activation, Achieved 2025 Net Income of $50.7 Million and Adjusted EBITDA of $245.6 Million, representing a 33% Adjusted EBITDA margin, & $300 Million Authorized for Share Repurchases, the Largest Amount in DoubleVerify’s History.

The InterGroup Corporation (INTG, $35.90)

• InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.

Serina Therapeutics (SER, $1.50)

• Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)

• Volato Group, Inc. today announced that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
• Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
• On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA, $186.03, +.68%)

• Nvidia delivered strong fourth-quarter results recently, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
• NVIDIA and Nebius Group N.V. (NASDAQ: NBIS, $112, +16.14%) today (March 11) announced a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market, from AI natives to enterprises. NVIDIA will invest $2 billion in Nebius.

McDonald’s (MCD, $325.21)

• In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.

Nokia (NOK, $7.90, +1.28%)

• Nokia Corporation is attracting renewed investor interest after FMR LLC lifted its indirect stake above the 5% voting-rights threshold, a move disclosed under Finnish securities law. At the same time, its new role in Palo Alto Networks’ expanded AI and 5G security ecosystem reinforces Nokia’s position in safeguarding next-generation networks, a development that could support its standing in telecom and infrastructure markets.
• On March 2, Nokia (NOK) and TIM Brasil announced and are are quietly rewriting the script for Latin America’s telecom sector, rolling out an AI‑ready 5G network that targets nearly half of Brazil’s population while giving enterprises a front‑row seat to the AI industrial era. The expanded partnership takes what TIM started in São Paulo and extends it across 14 additional states, ultimately reaching regions that together represent roughly 42% of Brazil’s population. The upgraded network leans on Nokia’s latest AirScale portfolio, including energy‑efficient Habrok Massive MIMO radios, Remote Radio Heads and small cells designed to boost capacity, improve indoor coverage and cut power consumption at the same time. In practical terms, this is less about bragging rights on speed tests and more about building a platform for AI‑driven services: the architecture is being designed from the ground up to support 5G Advanced, 6G and AI‑native workloads at the edge, not just another round of radio swaps.

Opendoor (OPEN, $5.27, +5.19%)

• Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
• Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.

The Sources

1. Yahoo Finance – “Stock market today: Dow, S&P 500 slip for second day, oil jumps as Iran war rages on”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-slip-for-second-day-oil-jumps-as-iran-war-rages-on-200311229.html[finance.yahoo]​
2. Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq slip amid fresh inflation data, continued Iran fallout”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-slip-amid-fresh-inflation-data-continued-iran-fallout-1[finance.yahoo]​
3. Yahoo Finance – “Stock market today: S&P 500 and Nasdaq rise, Dow slips amid fresh inflation data, continued Iran fallout”
   https://finance.yahoo.com/news/live/stock-market-today-sp-500-and-nasdaq-rise-dow-slips-amid-fresh-inflation-data-continued-iran-fallout-144851236.html[finance.yahoo]​
4. Yahoo Finance – “Dow, S&P 500 end lower, oil slides as Wall Street weighs Iran war signals”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-waver-oil-slides-as-wall-street-weighs-iran-war-signals-200311127.html[finance.yahoo]​
5. Yahoo Finance – “Today’s Market: S&P 500, Nasdaq Dips, Dow Falls 1% After Oil Prices Spike Again”
   https://ca.finance.yahoo.com/news/todays-market-p-500-nasdaq-180831120.html[ca.finance.yahoo]​
6. Reuters – “Wall St ends higher as hopes of Iran war resolution offset inflation fears”
   https://www.reuters.com/business/wall-st-futures-slump-iran-war-drags-oil-near-120-stokes-inflation-worries-2026-03-09/[reuters]​
7. Investing.com – “U.S. stocks largely slip as Iran conflict rages on with no end in sight”
   https://www.investing.com/news/stock-market-news/us-stock-futures-tick-up-ahead-of-cpi-data-traders-assess-iran-war-outlook-4553[investing]​
8. Barron’s – March 11, 2026 Market and Oil Coverage (archive page)
   https://www.barrons.com/archive/2026/03/11[barrons]​
9. Yahoo Finance – “Oracle Corp (ORCL) Q3 2026 Earnings Call Highlights: Surging AI …”
   https://finance.yahoo.com/news/oracle-corp-orcl-q3-2026-030115242.html[finance.yahoo]​
10. Yahoo Finance – “Oracle’s AI-Fueled Growth Silences Doubters — for Now”
    https://finance.yahoo.com/news/oracles-ai-fueled-growth-silences-145400597.html[finance.yahoo]​
11. Bloomberg – “Stocks Whipsawed by Oil Volatility as War Drags On: Markets Wrap”
    https://www.bloomberg.com/news/articles/2026-03-09/oil-drops-as-trump-signals-iran-conflict-near-end-markets-wrap[bloomberg]​
12. Trading Economics – “United States Stock Market Index”
    https://tradingeconomics.com/united-states/stock-market[tradingeconomics]​