Daily Market Briefing — 13 March 2026
US markets suffered their worst session of 2026 as Iran war fears and surging oil prices triggered a broad-based sell-off, while the US temporarily eased Russian oil sanctions in a bid to stabilise energy markets ahead of critical inflation data.
Market Recap
US equities closed sharply lower on Thursday, with the Dow Jones falling more than 700 points to its lowest closing level in 2026. The S&P 500 dropped 2.31% to 6,672.62, the Nasdaq 100 fell 1.95% to 24,533.58, and the Dow Jones declined 2.66% to 46,677.85. Asia-Pacific markets tumbled overnight as investors braced for a prolonged Middle East conflict.
Key Movers & Themes
- Oil price volatility: WTI crude rose 1.36% to $96.06 while Brent fell 1.95% to $97.03 after the US temporarily authorised purchases of Russian oil stranded at sea to stabilise energy markets. Iran's new Supreme Leader stated the Strait of Hormuz should remain shut, while the US Navy will escort oil tankers through the strait when 'militarily possible'.
- Corporate earnings: Adobe shares fell despite an earnings beat as longtime CEO Shantanu Narayen announced plans to step down. Ulta Beauty stock sank after the cosmetics retailer forecast below-consensus profit and same-store sales, citing selective consumer spending and growing concerns about global conflicts.
- Trade tensions escalate: The US launched fresh Section 301 probes into 60 economies over forced-labour trade practices, following Wednesday's investigations targeting excess industrial capacity across more than a dozen economies. The moves raise stakes ahead of a Beijing summit.
Economic Calendar — What to Watch Today
- 07:00 GMT [UK] — GDP MoM (Jan): Actual 0%, Forecast 0.2%, Previous 0.1%. Manufacturing Production MoM (Jan): Actual 0.1%, Forecast 0.2%, Previous -0.5%.
- 12:30 GMT [US] — Core PCE Price Index MoM (Jan): Forecast 0.4%, Previous 0.4%. Personal Income MoM (Jan): Forecast 0.5%, Previous 0.3%. Durable Goods Orders MoM (Jan): Forecast 1.2%, Previous -1.4%. GDP Growth Rate QoQ 2nd Est (Q4): Forecast 1.4%, Previous 4.4%.
- 14:00 GMT [US] — Michigan Consumer Sentiment Prel (Mar): Forecast 55, Previous 56.6. JOLTs Job Openings (Jan): Forecast 6.7M, Previous 6.542M.
- 10:00 GMT [EU] — Industrial Production MoM (Jan): Forecast 0.6%, Previous -1.4%.
Technical Levels to Watch
| Instrument | Support | Resistance |
|---|---|---|
| S&P 500 | 6,635 / 6,580 | 6,830 / 6,845 |
| NAS100 | 24,290 / 24,100 | 25,020 / 25,190 |
| US30 | 46,615 / 46,400 | 47,955 / 48,220 |
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $96.06 | +$1.29 | +1.36% |
| Brent Oil | $97.03 | -$1.93 | -1.95% |
| Gold | $5,095.80 | +$4.30 | +0.08% |
| Silver | $82.47 | -$1.56 | -1.85% |
| Natural Gas | $3.290 | +$0.170 | +5.32% |
| GBP/USD | 1.3317 | +0.0016 | +0.12% |
| EUR/USD | 1.1486 | -0.0037 | -0.32% |
| USD/JPY | 159.43 | +1.00 | +0.63% |
| Bitcoin | $71,354.88 | +$2,952.50 | +4.32% |
Energy markets remain volatile as the US scrambles to quell the rise towards $100 oil, with the temporary easing of Russian oil sanctions providing limited relief. Natural gas surged 5.32% as supply concerns intensified. Gold held near $5,100 as safe-haven demand persisted amid Middle East tensions, while Bitcoin rallied 4.32% to $71,354.88. The dollar strengthened against the euro but weakened against the pound, with USD/JPY climbing 0.63% to 159.43.
Trading Outlook
Markets face a critical test today with US Core PCE inflation data at 12:30 GMT — expectations for Fed rate cuts are rapidly fading as energy prices and inflation fears rise. Analysts warn stocks have further to fall before selling pressure subsides, with Wolfe Research noting the VIX needs to spike higher before a market bottom forms. Watch for volatility around the inflation print and consumer sentiment data.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.