Daily Recap: March 13, 2026
U.S. stocks closed lower Friday and finished the week in the red as investors focused on one dominant theme: higher oil prices are reviving inflation fears. The S&P 500 fell 0.61% to 6,632.19, the Dow dropped 0.26% to 46,558.47, and the Nasdaq lost 0.93% to 22,105.36. All three major indexes ended the week lower.
The biggest driver was energy. Brent crude settled at $103.14 and WTI closed at $98.71, as traders continued to price in supply risk tied to the conflict involving Iran and disruption around the Strait of Hormuz. Reuters also reported that the U.S. issued a 30-day license allowing purchases of certain Russian oil stranded at sea, while the U.S. and IEA moved to release oil from reserves in an effort to stabilize supply.
That oil shock fed directly into the rates story. The 10-year Treasury yield rose to 4.28% from 4.26% the day before, as markets reassessed how likely the Federal Reserve is to cut rates soon. The concern is straightforward: if energy stays elevated, inflation may prove harder to cool.
Economic data added to the cautious tone. AP reported that the Fed’s preferred inflation gauge showed prices up 2.8% year over year in January, while core inflation rose 3.1%, the highest in nearly two years. At the same time, fourth-quarter U.S. GDP growth was revised down to 0.7% annualized, reinforcing the view that the economy had already started losing momentum before the latest oil spike.
Under the surface, the market showed a defensive tilt. Technology was the weakest S&P 500 sector, while utilities were the strongest. Small caps remained under pressure as well, with the Russell 2000 closing at its lowest level of the year.
What mattered most
Today’s market wasn’t really about earnings or company-specific news. It was about macro pressure: rising oil, sticky inflation, firmer yields, and a Federal Reserve that now looks even less likely to pivot quickly.
Policy & Profits Take
When oil moves this fast, it becomes more than an energy story. It turns into an inflation story, a Fed story, and ultimately a stock market story. Until energy prices cool or geopolitical tensions ease, investors are likely to stay cautious.
Indexes
Index Latest Price. Change Change(%)
VIX 27.19 -0.10 -0.37%
S&P 6,632 -40.43 -0.61%
Nasdaq 22,105 -206.62 -0.93%