TLDR
- GameStop reports earnings Tuesday after its stock rose 13% in 2026, backed by investor Michael Burry
- All three major U.S. indexes are now down on the year, with the Nasdaq off roughly 7%
- The Iran war has pushed oil above $100 a barrel, with Brent crude trading around $107
- The Federal Reserve held rates steady but bond traders now price in a 50% chance of a hike by October
- Nvidia and Micron both sold off despite strong numbers, as AI stocks enter a “show me” phase
GameStop is set to report earnings on Tuesday. The stock is up 13% so far in 2026, partly driven by news that investor Michael Burry took a position in the company. Sales slipped in its last quarterly report.
#earnings for the week of March 23, 2026 https://t.co/hLn2sKQhEY $ONDS $BYND $CHWY $CCL $LAR $VERI $PPHC $BLRX $BRZE $PAVM $PDD $KRMN $PONY $WRD $NOAH $EVTL $ACHV $ACOG $AGBK $AUTL $LOVE $CNM $BNGO $BLNK $BZAI $KALV $WYFI $CMC $AIR $CTAS $PAYX $SMTI $TMC $WPRT $HIT $LENZ… pic.twitter.com/BMwx6t8b2s
— Earnings Whispers (@eWhispers) March 20, 2026
Also reporting this week are pet supplies retailer Chewy, payroll firm Paychex, and homebuilder KB Home. Chinese robotaxi companies Pony AI and Weride will also release results. Both have lost close to 30% of their value this year.
Friday brings a consumer sentiment reading from the University of Michigan. That report will give investors a look at how consumers are feeling as gas prices rise and trade tariffs remain in place.
The import price index arrives Wednesday. It follows last week’s wholesale inflation report, which showed a surprise jump in producer prices.
Oil Prices Stay Above $100
The war in Iran has now entered its fourth week. Tanker traffic through the Strait of Hormuz has nearly stopped. Brent crude was trading around $107 a barrel on Friday, up 3% for the week. West Texas Intermediate was at around $98.30.
IMPORTANT UPDATE:
Trump gave Iran a 48 hour deadline to open the Strait of Hormuz or he will bomb their power plants
Iran responded they are open to opening the Straits, but want an end to the war and assurances there won't be more wars
I think we have the foundation for an… pic.twitter.com/KrJW8L2MUL
— Mario Nawfal (@MarioNawfal) March 22, 2026
Oil briefly dipped Thursday after Israeli Prime Minister Benjamin Netanyahu said Israel would help reopen the Strait of Hormuz. But prices quickly recovered.
QatarEnergy’s CEO told Reuters that damage to its Ras Laffan LNG terminal could take years to repair. On Friday, President Trump said, “We can have a dialogue, but I don’t want to do a ceasefire.”
The near-halt of Strait of Hormuz traffic has rattled global energy markets and pushed inflation fears higher.
Federal Reserve Holds but Tone Shifts
The Fed kept interest rates unchanged last week, as expected. But Chair Jerome Powell’s comments were more cautious than markets had hoped.
Powell said rising oil prices from the Iran conflict could push inflation higher. He described the next six weeks of data as “very important.”
Bond traders now price in a 50% chance of a rate hike by October, according to Bloomberg. That is a sharp reversal from earlier in the year, when rate cuts seemed likely.
The Fed’s own projections still show one cut this year and one in 2027. But the tone has clearly shifted toward a longer pause.
Nvidia closed the week down about 4%, even after CEO Jensen Huang announced the company expects $1 trillion in revenue from its Grace Blackwell and Vera Rubin chips. Micron also dropped roughly 5% after announcing a $5 billion increase in capital spending.
Jefferies tech analyst Jeffrey Favuzza noted this is the second straight earnings cycle where strong numbers led to a selloff. Bank of America analyst Neha Khoda said AI has entered its “show me” phase, where markets now want proof of real returns.
Initial jobless claims arrive Thursday, offering a read on the U.S. labor market.
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