Wall Street gave back part of Monday’s euphoric bounce on Tuesday as oil roared back above $92 and Middle East headlines reminded investors that risk never really takes a day off.
Indices: Rally Hangover, Not a Meltdown
US stocks slipped, but the pullback looked more like a post-party tidy-up than a full-on risk-off evacuation. The S&P 500 (-.37%) and Dow (-.18%) eased after Monday’s surge, while the Nasdaq took the heavier hit off .84% as investors trimmed high-beta tech and growth winners. Under the surface, traders framed the session as a healthy consolidation day following an outsized relief rally tied to hopes for a diplomatic off-ramp in the Iran conflict. On the positive side, the small caps on the Russell 2000 rise .45% today.
Oil Rebounds, Geopolitics Reclaim Center Stage
Crude oil snapped back with force as hopes for a quick cease-fire faded and investors refocused on the reality of a prolonged conflict around the Strait of Hormuz. West Texas Intermediate climbed roughly 4% to trade above $92 per barrel, while Brent crude pushed back through the psychologically charged $100 mark and on toward $104. BP’s chief economist called the Iran war “unlike any oil shock” in modern history, underscoring the scale of supply disruption if 15 to 16 million barrels per day remain effectively sidelined. For equity traders, that translated into a familiar playbook: bid energy, reassess cyclicals, and quietly dust off old stagflation memos.
From Talk of Peace to Pricing in Risk
Monday’s optimism had been fueled by President Trump’s comments about “very good and productive” discussions with Iran, which flipped markets from red to green and triggered a sharp relief rally. That narrative unraveled as Iranian state media pushed back on the idea of direct talks, forcing investors to admit that Instagram-friendly soundbites are not, in fact, a binding peace treaty. The recalibration left stocks soft but orderly, as investors shifted from pricing in a swift resolution to bracing for a conflict that could drag on and reshape the energy and inflation outlook into the summer.
Sector Winners and Losers: Energy Smiles, Tech Sighs
Energy related names sat in the market’s winner’s circle again, riding the twin tailwinds of higher crude and a renewed focus on supply security. Rate-sensitive growth and big tech, by contrast, bore the brunt of the pullback as traders reconsidered how much multiple expansion they can justify if oil-driven inflation lingers and the Federal Reserve stays hawkish for longer. Leveraged tech vehicles and high-octane Nasdaq-linked products also lost altitude as investors locked in recent gains and dialed back exposure to the most crowded momentum trades. Small caps and select cyclicals displayed surprising resilience, hinting that investors are rotating rather than running.
Macro Mood: Between Relief and Reality
The broader macro narrative remains delicately balanced between relief that the worst-case scenarios have not yet materialized and recognition that this oil shock is both large and unusually complex. Economists warned that a 10% rise in oil prices can shave 0.1% to 0.2% off global growth, and current moves far exceed that simple textbook case. Still, with US indexes only modestly lower and volatility controlled, the market is signaling a preference for “muddle through” rather than “falling off a cliff.” In classic Wall Street fashion, investors are attempting to thread the needle: stay invested, lean into energy and defensives, and hope that diplomacy eventually catches up with price action.
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.
Shift4 (NYSE: FOUR, $52.50, +19.24%)
Shift4 (NYSE: FOUR), a global leader in integrated payments and commerce technology, is quietly stitching together a commerce empire, and its latest moves in AI phone ordering, gateway consolidation, and ties to Nokia and Nvidia read like a bullish footnote to the broader hospitality tech story. Learn more here.
Serina Therapeutics (NYSE: SER, $2.43)
Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.
What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.
AleAnna, Inc. (ANNA)
AleAnna, Inc. (ANNA, $5.68, +40.79% today) just turned a dry technical milestone—its year‑end reserves report—into something closer to an Italian energy renaissance, with proved natural gas reserves jumping 47% after a year of active production. For investors hunting for credible growth stories in a world of energy-transition buzzwords, this is one of the rare cases where the molecules are actually catching up to the marketing. Learn more here.
Eupraxia Pharmaceuticals (EPRX, $6.89)
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, announced (March 17) positive symptom data from patients in the two highest dose cohorts from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). “We are very pleased to see such a meaningful symptom response at 24 weeks in the highest dose of the Phase 1b/2a portion of the RESOLVE study,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe this type of response based on a single administration procedure would represent a compellingly different option for EoE patients. Importantly, the response that we are observing across cohorts 4-9 has increased as patients progress through the study through to week 24. We believe this demonstrates the importance of stable, continuous long-term local steroids in tamping down signs of inflammation quickly and acting on fibrosis in the longer term. Also, as previously reported, we continue to be encouraged by the safety profile that we have observed with EP-104GI. Currently, with 31 patients dosed in the Phase 1b/2a study, and over 220 months of follow up, there have been no reported serious adverse events.”
Modular Medical (MODD $.1712)
- 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.
GeoVax Labs (GOVX, $1.54, +2.67%)
- 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.
The InterGroup Corporation (INTG, $36.03)
- 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.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. announced (March 10) 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, $175.20) (NOK, $8.25, +2.36%)
- In an AI market obsessed with GPUs and stardust, Nokia (NOK) is quietly reminding investors that none of this magic moves without serious plumbing. While Nvidia (NVDA) prepares to headline its GTC 2026 “Woodstock of AI” showcase, the chip giant has already written a very real check to Nokia, committing a $1 billion investment to help rewire the world’s networks for 5G‑Advanced, 6G, and AI‑native workloads. The message is simple enough: GPUs may be the new rock stars, but networking is the stadium.
- 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, $307.84)
- 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.
Opendoor (OPEN, $5.18)
- 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.
Heartflow, Inc. (HTFL, $27.97, +4.29%)
Heartflow, Inc. (HTFL), the leader in AI technology for coronary artery disease (CAD), reported (March 18) financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Highlights included:
- Total revenue of $49.1 million, a 40% increase year-over-year
- Gross margin of 79.5%, non-GAAP gross margin of 79.9%
- Net operating loss of $17.8 million, non-GAAP net operating loss of $12.5 million
- U.S. installed base of 1,465 accounts as of December 31, 2025
- U.S. Plaque installed base of 489 accounts as of December 31, 2025
- Aetna began coverage of Heartflow Plaque Analysis, bringing total U.S. covered lives for Plaque to approximately 75%
Tesla (TSLA, $383.03, +.57%)
Elon Musk’s latest Texas-sized ambition is to build his own AI chip empire, and this time the factory floor will sit right next to the robots, rockets, and robotaxis that plan to use it. The Terafab project, a new semiconductor venture linking Tesla (TSLA), SpaceX, and xAI in Austin, aims to churn out custom chips for AI, humanoid robots, and space systems at a scale that makes today’s GPU land rush look like a warm‑up act. Learn more here.
Applied Optoelectronics Inc. (AAOI, $113.90, +18.94%)
Applied Optoelectronics Inc. (NASDAQ: AAOI), a leading provider of advanced optical and HFC networking products that power AI, today announced it has received a new volume order from one of its major hyperscale customers for 800G single-mode data center transceivers to help expand its network capacity for AI-driven workloads.
The Sources
- Yahoo Finance – “Dow, S&P 500, Nasdaq drop after rally as Iran war drags on”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-drop-after-rally-as-iran-war-drags-on-171812803.htmlfinance.yahoo - The Wall Street Journal – “Stock Market Today: Nasdaq Slips, Brent Crude Rises Above $100 — Live Updates”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-24-2026wsj - TS2/Tech – “US Stock Market Today: Live Updates 24.03.2026”
https://ts2.tech/en/stock-market-today-24-03-2026/ts2 - 24/7 Wall St. – “Stock Market Live March 24, 2026: S&P 500 (SPY) Under Pressure Again”
https://247wallst.com/investing/2026/03/24/stock-market-live-march-24-2026-sp-500-spy-under-pressure-again/247wallst - TheStreet – “Stock Market Today: Live updates, top news for March 24, 2026”
https://www.thestreet.com/latest-news/stock-market-today-march-24-2026-updatesthestreet - KSAT / Associated Press – “Oil prices rise and stocks fall as war with Iran advances despite Trump’s talk of negotiations”
https://www.ksat.com/business/2026/03/24/asian-shares-mostly-rebound-after-trump-hints-at-a-possible-end-to-the-iran-war/ksat - Yahoo Finance (UK edition headline variant) – “Dow, S&P 500, Nasdaq wobble after rally as Iran war drags on”
https://uk.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-wobble-after-rally-as-iran-war-drags-on-150624837.htmlfinance.yahoo - Yahoo Finance (futures/preview piece) – “Dow, S&P 500, Nasdaq futures waver after rally as Iran war drags on”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-waver-after-rally-as-iran-war-drags-on-22472984finance.yahoo - Yahoo Finance (companion coverage on US stocks and Iran talks) – “US stocks swing between losses and gains on uncertainty over Iran talks”
https://ca.finance.yahoo.com/news/asian-shares-mostly-rebound-trump-015310127.htmlfinance.yahoo - Bloomberg – “Stocks Fall, Oil Gains on Report of US Deployment: Markets Wrap”
https://www.bloomberg.com/news/articles/2026-03-23/stock-market-today-dow-s-p-live-updatesbloomberg
