US stocks notched a third straight week of losses into Friday, March 13, 2026, as oil’s lunge toward $100$ 100 a barrel reignited inflation jitters, pushed out Fed rate‑cut hopes, and kept investors firmly in risk‑off mode.

Indexes: Red Week, Oil-Driven

The Dow, S&P 500, and Nasdaq all extended their losing streak, with earlier sessions in the week already pushing them into negative territory for 2026.
A Monday bounce proved fleeting; major indexes had been under pressure since the prior week’s selloff tied to a weak jobs print and surging crude, leaving the S&P 500 and Nasdaq down for multiple consecutive weeks and the Dow slipping below water year‑to‑date.
Smaller caps, which had been a relative bright spot this year, also lost momentum as growth worries and higher‑for‑longer rates filtered through the risk spectrum.
As fear of war and during oil prices/inflation increased, so did volatility thought the week wit the CBOE Volatility Index (VIX) closed at $27.19.

Weekly snapshot of recent trend

Index	Recent daily move example	Recent weekly tone	YTD trend into this week
S&P 500	Down ~1.3% on a recent Friday as oil spiked above 90.	Multiple weeks of declines as energy and rates pressured valuations	Slightly negative, after slipping from record territory.
Dow Jones	Off about 0.9% (≈450 pts) on a prior Friday; another 1% drop in a midweek session as oil surged.	Third week of losses amid cyclical weakness and rate worries.	Turned negative for 2026.
Nasdaq Comp	Fell around 1% in recent risk‑off days; tech lagged on rate repricing.	Down for the week as higher yields hit growth and AI leaders saw profit‑taking.	Lower year‑to‑date, underperforming the prior AI‑driven run.

Oil, Inflation, and the Fed

Crude briefly vaulted above $100 a barrel this week amid escalating conflict around Iran and shipping disruptions in the Strait of Hormuz, before easing back, but the signal to equity markets was clear: energy‑driven inflation risk is back on the table.
Strategists warned that sustained triple‑digit crude would threaten the soft‑landing narrative; some noted that oil above the mid‑90s range has historically coincided with equity drawdowns, reinforcing the sense that stocks had to re‑price a higher inflation path.
Rate‑cut expectations pushed out as traders moved from a summer to early‑fall timing for the first Fed move, with oil‑linked inflation concerns joining still‑solid economic data in arguing for patience.

Macro Data and Geopolitics

February CPI landed roughly in line with expectations, but with oil and shipping costs surging, investors worried that the next few prints could re‑accelerate headline inflation even if core remains better behaved.
A weaker‑than‑hoped jobs report from the prior week had already stirred stagflation chatter: slower labor momentum plus higher energy costs is not the mix equity bulls wanted heading into spring.
The Iran conflict, attacks on vessels, and constrained tanker traffic through Hormuz kept energy markets volatile and reinforced a global risk‑off tone, with international equities underperforming U.S. stocks as a stronger dollar and higher oil weighed on foreign markets.

Sector and Style Moves

Energy shares outperformed but lagged the spectacular move in crude itself, as investors questioned how sustainable $100-dollar oil would be and how quickly higher input costs might boomerang on broader earnings.
Rate‑sensitive growth and tech stocks—the leadership cohort of the AI trade—saw renewed profit‑taking as the 10‑year Treasury yield drifted back above 4.2%, pressuring long‑duration valuations.
Defensive pockets such as consumer staples and parts of health care found relative support, while more cyclical and internationally exposed areas underperformed in a world of higher energy prices and stronger dollar.

What Investors Will Watch Next

The market’s immediate focus is on upcoming inflation releases, especially PCE, to see whether the oil spike bleeds into broader price pressures or remains a transitory shock.finance.yahoo+2
Fed communication will be critical: with futures markets now pricing fewer cuts, any hint that policymakers are more worried about energy‑driven inflation than about growth could extend the equity drawdown.
Finally, the path of the Iran conflict and shipping disruptions will likely set the tone not just for crude but for global risk assets, as investors weigh whether this was a violent but brief energy scare—or the start of a longer‑lasting supply shock.

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.

VEON Ltd. (VEON, $50.60, rose +14.20% on Friday)

VEON Ltd. (VEON), a global digital operator, today (March 13) announced strong financial and operating results for the fourth quarter and full year ended December 31, 2025. Key Highlights – Fourth Quarter 2025

Total revenue grew 17.4% year-on-year (“YoY”) to USD 1,171 million.
EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps to 45.0%.
Digital revenues grew 84.1% YoY to USD 235 million, accounting for 20.1% of Group revenue.
Financial services revenues rose 28.1% YoY to USD 120 million.

Eupraxia Pharmaceuticals (EPRX, $7.36)

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 $.2244, +12.76% over the last 5-days)

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, $14.85)

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, $1.72)

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, $10.21)

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, $36.50, +.14% over the last 5-days)

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, $1.55, +1.31% over the last 5-days)

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, $180.25, +1.37% over the last 5-days)

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) (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, $326.46)

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, $8.24, +6.46% over the last 5-days)

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, $4.95)

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

Yahoo Finance – Stock Market Today: Dow drops 700 points, S&P 500, Nasdaq sink as oil soars back toward $100
https://finance.yahoo.com/news/live/stock-market-today-dow-drops-700-points-sp-500-nasdaq-sink-as-oil-soars-back-toward-100-200013344.html[perplexity]
Yahoo Finance – Dow, S&P 500, Nasdaq resume sell-off, oil surges as Middle East conflict escalates
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-fall-oil-surges-as-middle-east-conflict-escalat[finance.yahoo]
The Wall Street Journal – Stock Market Today: Dow Drops 700 Points as Oil Hits $100
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-12-2026[wsj]
MarketWatch – Dow, S&P 500 and Nasdaq set for declines after oil rises as high as $100 a barrel
https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-nasdaq-iran-conflict-oil-prices-emergency-reserves-cargo[marketwatch]
Investopedia – Stock Market Today: Major Indexes End Sharply Lower as Oil Prices Jump
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-03122026-11924478[investopedia]
Bloomberg – Stocks Fall on War, Credit Worries as Oil Surges: Markets Wrap
https://www.bloomberg.com/news/articles/2026-03-11/stock-market-today-dow-s-p-live-updates-[bloomberg]
CNBC – Stock market today: Live updates
https://www.cnbc.com/2026/03/11/stock-market-today-live-updates.html[cnbc]
24/7 Wall St. – Stock Market Live March 12, 2026: S&P 500 (SPY) Slips on Oil Again
https://247wallst.com/investing/2026/03/12/stock-market-live-march-12-2026-sp-500-spy-slips-on-oil-again/[247wallst]
CME Group – FedWatch Tool (rate cut probabilities and yields backdrop)
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html[cmegroup]

March 13, 2026 – Triple-Digit Crude, Single-Digit Patience: Stocks Price In an Expensive Reality This Week -( $INTG $MODD $NOK $NVDA $VEON $VIX Rise!)