Markets Weather New Middle East Conflict

Markets got a volatile start to the week, with stocks falling and oil prices rising as commercial maritime traffic heading out of the Persian Gulf through the Strait of Hormuz remained at a virtual standstill. But stocks rebounded late in the day after the White House said the conflict may end sooner than expected.³

Stocks dropped at Tuesday’s opening bell, but mostly recovered after word spread that a group of countries, including the U.S., were considering a coordinated release of strategic oil reserves to counter supply disruptions. Markets generally went sideways midweek as news that the Consumer Price Index (CPI) held steady last month buoyed spirits.^4,5

As the week progressed, all three major averages fell, and oil prices hit all-time closing highs. Investors grew increasingly concerned over the impact of oil supply disruptions on the broader global economy, with the Strait of Hormuz remaining a concern. Bond yields rose as investors believed a prolonged conflict would keep oil prices high, increasing the chance of higher inflation.⁶

Market sentiment continued to struggle as the week wrapped up, but declines slowed despite a downward revision to Q4 gross domestic product (GDP) growth.⁷

^{Source: YCharts.com, March 14, 2026. Weekly performance is measured from Monday, March 9 to Friday, March 13. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.}

With all the updates on the Middle East conflict, it was easy to miss other news last week.

Wednesday’s report that the CPI remained unchanged in February over the prior 12 months was good news. But it was the last bit of inflation data before the conflict in the Middle East began. Friday’s Personal Consumption & Expenditures Index, the Fed’s preferred inflation measure, showed that consumer prices remained sticky in January. Investors largely took this report in stride because delayed reports tend to lose their impact with time.^8,9

Monday: Industrial Production. Capacity Utilization.

Tuesday: Federal Open Market Committee (FOMC) Meeting—Day 1. Pending Home Sales. Homebuilder Confidence.

Wednesday: FOMC Meeting—Day 2. Producer Price Index (PPI). Factory Orders* (Jan.). FOMC Interest Rate Decision. Fed Chair Press Conference.

Thursday: Weekly Jobless Claims. Wholesale Inventories* (Jan.) New Home Sales* (Jan.).

Friday: Employment Cost Index (Q4).

^{*Indicates federal data release delayed by the government shutdown} 

Thursday: FedEx Corporation (FDX).

Couples Who Work Together, Tax Together

When a household starts a business, couples learn about the tax responsibilities associated with it. There are some things to consider when working together.

Here are a few items to consider:

• You should first establish whether you have a partnership business (where both spouses have an equal say in the affairs, services, and capital of the business) or an employee/employer relationship (where one spouse substantially controls management decisions); these relationships have different tax situations.
• If there is an employer-employee relationship, the second spouse (the employee) may be subject to income, Social Security, and Medicare taxes.
• You may need to file the U.S. Return of Partnership Income form if there is a partnership relationship.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov¹⁰

Easy Food Swaps Anyone Can Do

Eating healthier doesn’t have to be hard! You might not have to make any significant changes to your current diet! You can cut the bad stuff by swapping unhealthy options for healthier picks and still enjoy your meal. Here are some of our favorite food swaps:

• Mustard instead of mayonnaise (0 calories vs. 90 calories)
• Scrambled eggs with green onions instead of cheese (170 calories vs. 275 calories)
• Sparkling water instead of soda (0 calories vs. 140 calories)
• Fresh fruit instead of dried fruit (69 calories vs. 325 calories)
• Greek yogurt instead of sour cream (28 calories vs. 60 calories)
• Olive oil spray instead of a tablespoon of olive oil (5 calories vs. 120 calories)
• Corn tortillas instead of flour tortillas (100 calories vs. 280 calories)
• All-bran cereal instead of granola (80 calories vs. 200 calories)
• Goat cheese instead of Brie cheese (70 calories vs. 100 calories)

Many healthy swaps, like these, can help you reduce your caloric intake, consume less sugar, and easily create a more balanced meal.

Tip adapted from EatThis.com¹¹

Sakriskoy Island, Lofoten Islands, Moskenes municipality, Norway

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Please consult your financial professional for additional information.

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