U.S. stocks limped into the weekend with another bruising week, as surging oil, war anxiety around Iran, and exhaustion in the “Magnificent 7” trade pushed the S&P 500 into its longest losing stretch since 2022 by the close on Friday, March 27, 2026.
Index performance and streaks
- The S&P 500 (-1.67%) fell significantly again on Friday and ended the week 2.12% lower, extending a multi‑week slide that has now left the index several percentage points below its late‑January highs and marked its longest losing streak in about four years.
- The Nasdaq Composite, already in correction territory after dropping more than 10% from its recent peak, underperformed again falling 2.15% on Friday and off 3.23% over the last 5-days as big‑cap tech and AI leaders bore the brunt of the selling.
- The Dow Jones Industrial Average also declined 1.73% on Friday, though it held up somewhat better than tech‑heavy benchmarks, reflecting relative resilience in more defensive and value‑oriented names.
- Volatility remained elevated, with the VIX jumping +13.16% on Friday to close at $31.05 now up +107.69% YTD and well above its early‑year levels as investors priced in fatter risk premia around geopolitics, energy, and the Fed path.
Oil shock, Iran, and macro jitters
- Crude prices climbed sharply again, with Brent futures pushing above the low‑100s as traders digested persistent supply fears tied to the Iran conflict and concerns over potential disruptions in the broader Middle East.
- The renewed oil spike reignited inflation worries, with some rate‑strategy commentary noting that markets have swung from expecting multiple Fed cuts this year to debating the risk of no cuts—or even a token hike—if energy‑driven price pressures persist.
- President Trump’s mixed messaging—publicly urging Iran toward a peace deal while at times signaling a willingness to escalate—added to headline risk and day‑to‑day volatility across equities, crude, and the dollar.
- Treasury yields chopped around but finished the week higher than early‑March levels, tightening financial conditions at the same time equity valuations are being questioned. The 10-yr ended at 4.44% up 2.45% over the last 5-days.
Magnificent 7 and sector moves
- The “Magnificent 7” shed hundreds of billions of dollars in market value over the week, continuing a 2026 pattern in which every one of the mega‑cap leaders is underperforming the broader S&P 500 year‑to‑date.
- AI and semiconductor bellwethers, which had powered much of 2023–2025’s upside, were hit by position de‑risking, stretched valuations, and worries that higher-for-longer rates could cap multiples. NVDIA (NVDA) closed at $167.52, dropping 3% over the last 5-days.
- Under the surface, however, the “other 493” in the S&P 500 have generally held up better than the megacap cohort, helping prevent an even steeper year‑to‑date drawdown for the overall index.
- Energy stocks were relative winners, catching a bid from the latest leg higher in crude, while some traditional defensives and dividend‑payers also outperformed as investors rotated toward perceived safety.
Leadership rotation snapshot
| Segment | 2026 tone so far | This week’s narrative |
|---|---|---|
| Magnificent 7 | Lagging S&P 500 overall | Heavy selling, big cap tech de‑risking |
| Broader S&P (other 493) | Relatively firmer support | Soft but cushioning headline index |
| Energy | Supported by oil spike | One of few bright spots |
| Defensives | Favored in risk‑off tape | Attracting flows amid volatility |
Fed, data, and positioning
- The Fed left rates unchanged in its recent meeting and continues to signal a data‑dependent stance, but hotter‑than‑expected producer prices and the oil shock have markets reassessing how quickly policymakers can pivot to cuts.
- The combination of sticky inflation risks, slowing global growth indicators, and geopolitical tail risk has produced a “noisy stagflation” narrative in several weekly notes, with investors less willing to pay peak multiples for long‑duration growth.
- Positioning appears to be normalizing from very crowded exposure in megacap tech toward a more balanced mix across sectors and regions, though flows remain choppy and headline‑driven day to day.
Big picture for investors
- After a euphoric start to 2026 that saw all‑time highs in early January, U.S. equities have moved into a more corrective, risk‑aware regime, with the S&P 500 now down modestly year‑to‑date and volatility repriced higher.
- The key fault lines into April are clear: path of the Iran conflict and oil, Fed reaction to any second‑wave inflation impulse, and whether the market fully digests profit‑taking in the AI and megacap complex without triggering broader credit or liquidity stress.
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.
Serina Therapeutics (NYSE: SER, $2.27)
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, $8.51, +19.52% on Friday) 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, $6.72)
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 $.1569)
- Modular Medical, Inc., an innovative insulin delivery technology company, announced (March 26) that it will effect a 1-for-30 reverse stock split of its outstanding common stock. The reverse stock split will become effective at 5:30am ET on March 31, 2026. The common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) under the same symbol “MODD” when the market opens on March 31, 2026, with the new CUSIP number 60785L306. The reverse stock split was approved by the Company’s shareholders at the Company’s fiscal 2026 Annual Meeting, held on January 23, 2026. The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on Nasdaq. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock from 139,810,797 shares pre-reverse split to approximately 4,660,360 shares post-reverse split. The number of authorized shares of common stock and the par value per share will remain unchanged. As a result of the reverse stock split, every 30 shares of the Company’s pre-reverse split common stock will be combined and reclassified into one share of common stock, as applicable. Proportionate voting rights and other rights of such holders will not be affected by the reverse stock split. Holders of fractional shares will be paid cash in lieu of shares.
- 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 in 2025, 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, $1.40)
- GeoVax’s (GOVX) latest update on its GEO-MVA program reads less like a small-cap press release and more like a biotech coming-of-age story, with Phase 3 now on the horizon and global health agencies finally circling the dance floor. For investors, the mpox/smallpox candidate is evolving from scientific footnote to potential revenue engine, backed by an accelerated European regulatory path and tangible manufacturing readiness. Learn more here.
- 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)
The InterGroup Corporation (INTG, $36.98, +4.88%)
- 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, +8% Friday)
- flyExclusive (NYSE American: FLYX), the vertically integrated private aviation company, announced (March 25) two milestones in its proprietary technology development: the filing of a utility patent application for a novel aircraft schedule optimization architecture, and the availability of Contrails, its Flight Management System, to other Part 135 operators beginning in Q2 2026. Both announcements coincide with the company’s presence at the NBAA Schedulers & Dispatchers Conference 2026 in Cleveland. “We have spent years building flyExclusive into one of the most operationally capable private aviation companies in the country. Contrails is how we make that expertise available to the broader industry—and the intellectual property behind it reflects the depth of investment we have made in solving problems that matter to every serious operator. We believe the right technology, built by people who actually run flights, changes what is possible in this industry. Today we are unable to source lift for nearly 300 trip requests per day. We believe Contrails will allow us to address that demand far more efficiently—both within our own operation and through coordination with other operators—and that represents a material revenue opportunity for flyExclusive and for all participating operators.”
- 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, $167.52) (NOK, $7.98)
- 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, $308.93)
- 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, $4.80)
- 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.
Tesla (TSLA, $361.83)
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.
The Sources
- Yahoo Finance – “Stock Market Today: Dow, S&P 500, Nasdaq sink as Big Tech slides and oil spikes amid Iran war”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-sink-as-big-tech-slides-and-oil-spikes-amid-iran-war-200118355.htmlfinance.yahoo - TheStreet – “Stock Market Today (Mar. 26, 2026): Nasdaq, S&P 500 sink as technology, industrials face steep declines”
https://www.thestreet.com/investing/stocks/stock-market-today-mar-26-2026-stock-futures-down-on-iran-concernsthestreet - The Wall Street Journal – “Stock Market Today: Dow Slips, Oil Pushes Past $100 Again” (live coverage)
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-26-2026wsj - Bloomberg / Yahoo Finance syndication – “Oil Rallies After Trump Issues Warning to Iran on Peace Talks”
https://finance.yahoo.com/news/oil-advances-us-iran-offer-071457742.htmlfinance.yahoo - Bloomberg – “Oil Rallies After Trump Issues Warning to Iran on Peace Talks”
https://www.bloomberg.com/news/articles/2026-03-25/latest-oil-market-news-and-analysis-for-march-26bloomberg - CNN Business – “US stocks recover, gold rises and oil surges as war with Iran spreads”
https://www.cnn.com/2026/03/02/investing/oil-us-stock-market-irancnn - Yahoo Finance – “Stocks Finish Lower as Iran War Spurs Inflation Concerns”
https://finance.yahoo.com/markets/stocks/articles/stocks-finish-lower-iran-war-204954270.htmlfinance.yahoo - Yahoo Finance – “US Stock Market Today: Live Updates 26.03.2026”
https://ts2.tech/en/stock-market-today-26-03-2026/ts2 - CNBC – “Stock market today: Live updates” (March 26, 2026 session)
https://www.cnbc.com/2026/03/25/stock-market-today-live-updates.htmlcnbc - The New York Times – “Stocks Drop as Inflation Risk Emerges in Wake of Iran War”
https://www.nytimes.com/2026/03/03/world/middleeast/stock-markets-iran.htmlnytimes
