Weekly Recap: Oil Prices, Inflation Data, and Earnings — What Moved Markets This Week

TLDR

• The S&P 500, Dow, and Nasdaq all fell for a third straight week, with oil above $100 a barrel driving inflation fears.
• Crude oil surged roughly 9% after Middle East tensions disrupted flows through the Strait of Hormuz.
• Oracle beat earnings estimates with over 20% revenue growth, powered by AI and cloud demand.
• Gold dipped about 1% despite geopolitical risk, as a stronger dollar limited safe-haven buying.
• Energy stocks were the week’s big winner, while consumer staples and healthcare fell 4–5%.

U.S. stocks dropped for a third week in a row as oil prices climbed above $100 a barrel and fresh Middle East tensions rattled investors. All three major indexes ended lower for the week ending March 13, 2026.

The S&P 500 fell about 1.6%, the Dow lost around 2%, and the Nasdaq slipped roughly 1.3%. Small caps also declined, with the Russell 2000 down about 1.8%.

The biggest story was oil. Crude surged roughly 9% after conflict involving the U.S., Israel, and Iran disrupted shipping through the Strait of Hormuz. Analysts called it one of the sharpest weekly jumps in oil futures since the 1980s.

Higher oil prices brought inflation worries back to the front. Producer price data came in slightly above expectations, raising concerns that costs could filter through to consumers in the weeks ahead.

That put the Federal Reserve in a tough spot. Markets still expect rate cuts later this year, but the timing is now less certain as energy-driven inflation complicates the picture.

Oracle Stands Out in Earnings Week

Oracle was the week’s standout earnings report. The company posted fiscal Q3 results above expectations, with total revenue growing more than 20% and AI infrastructure sales showing triple-digit growth.

Management also issued strong guidance, projecting high-teens revenue growth into fiscal 2027. The stock jumped in after-hours trading but ended the week roughly flat as investors weighed the outlook against a price already more than 50% below last year’s highs.

Campbell Soup told a different story. The company slightly beat on adjusted earnings but issued cautious 2026 guidance that fell short of expectations, sending shares lower.

Energy and industrial names bucked the broader trend, with several mid-cap companies reporting solid results tied to stronger demand and export opportunities.

Gold Falls, Energy Stocks Rise

Gold briefly climbed back above $5,100 per ounce on Friday but still finished the week down about 1%. A stronger dollar and fading rate-cut hopes offset demand for safe-haven assets.

Energy stocks were the clear winners. Major U.S. energy funds gained 2–3% for the week. Marathon Petroleum and other refiners rose in the high single digits as investors bet on stronger profit margins from higher oil prices.

Consumer staples and healthcare were among the weakest sectors, each falling 4–5%. Investors rotated away from those groups as input costs rose and earnings risk increased.

Financials also lagged, pressured by headlines around private-credit exposures at major institutions. Tech was slightly negative overall, though large-cap names held up better than smaller software stocks.

The Cboe Volatility Index rose from late February levels as investors paid more for downside protection, reflecting the more cautious mood heading into next week.

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