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Stock Markets March 26, 2026

U.S. Equities Slip as Tech, Industrials and Consumer Goods Lead Declines

Major averages close lower; mixed corporate movers and rising volatility mark the session

By Jordan Park CRM CVX VZ NVDA MMM
U.S. Equities Slip as Tech, Industrials and Consumer Goods Lead Declines
CRM CVX VZ NVDA MMM

U.S. stock indexes finished lower on Thursday, led by losses in the Technology, Industrials and Consumer Goods sectors. The Dow Jones Industrial Average fell 1.01%, the S&P 500 dropped 1.74% and the Nasdaq Composite declined 2.38%. Notable individual moves included strong gains for Brown Forman and Valero and steep declines for several semiconductor and networking names. Volatility rose and commodity prices diverged, with oil higher and gold down.

Key Points

  • Major U.S. indexes closed lower: Dow -1.01%, S&P 500 -1.74%, Nasdaq -2.38%; Technology, Industrials and Consumer Goods were among the weakest sectors.
  • Individual winners included Brown Forman and Valero, while several semiconductor and networking firms posted double-digit percentage declines.
  • Market breadth showed more decliners than advancers on both the NYSE and Nasdaq; the CBOE Volatility Index rose to 27.40.

U.S. equity markets ended the trading day lower on Thursday, as weakness in Technology, Industrials and Consumer Goods weighed on investor sentiment. At the close on the New York Stock Exchange, the Dow Jones Industrial Average declined 1.01%. The broader S&P 500 finished down 1.74%, while the Nasdaq Composite fell 2.38%.

Among components of the Dow, the strongest moves were recorded by Salesforce Inc (NYSE:CRM), Chevron Corp (NYSE:CVX) and Verizon Communications Inc (NYSE:VZ). Salesforce rose 1.97%, adding 3.58 points to finish at 185.54. Chevron advanced 1.29%, or 2.64 points, to close at 207.79. Verizon gained 0.73%, or 0.37 points, to end the session at 50.74.

On the downside within the Dow, NVIDIA Corporation (NASDAQ:NVDA) led losses, falling 4.15% or 7.42 points to close at 171.26. 3M Company (NYSE:MMM) slipped 2.74%, losing 4.06 points to finish at 143.99. Boeing Co (NYSE:BA) declined 2.63%, or 5.25 points, to close at 194.36.

The S&P 500 featured notable winners and losers. Brown Forman (NYSE:BFb) was the session's top gainer on the index, jumping 9.58% to 25.74. Valero Energy Corporation (NYSE:VLO) rose 5.80% to settle at 248.14, and Best Buy Co Inc (NYSE:BBY) gained 4.65% to close at 63.21. On the other end, Lam Research Corp (NASDAQ:LRCX) fell 9.35% to 211.62, Arista Networks (NYSE:ANET) lost 9.23% to settle at 122.55, and Applied Materials Inc (NASDAQ:AMAT) declined 8.35% to finish at 338.49.

The Nasdaq Composite saw pronounced swings at both extremes. Small-cap and micro-cap names led the session's top percentage gainers: EpicQuest Education Group International Ltd (NASDAQ:EEIQ) surged 195.44% to 8.42; VisionSys AI Inc DRC (NASDAQ:VSA) climbed 139.47% to 1.37; and Fitness Champs Holdings Ltd (NASDAQ:FCHL) rose 108.77% to close at 3.57. Conversely, the steepest declines were concentrated among several small and mid-cap issues: Megan Holdings Ltd (NASDAQ:MGN) tumbled 93.39% to 0.28; Cambium Networks Corp (NASDAQ:CMBM) dropped 77.34% to 0.40; and Wave Life Sciences Ltd (NASDAQ:WVE) fell 49.59% to 6.20.

Market breadth favored decliners. On the New York Stock Exchange, 1,956 issues fell versus 813 advancers, while 53 issues finished unchanged. On the Nasdaq, 2,187 issues declined compared with 1,197 that advanced, and 163 were unchanged.

Several stocks reached record or historic levels during the session. Valero Energy Corporation (NYSE:VLO) and Chevron Corp (NYSE:CVX) both traded at all-time highs, with Valero up 5.80% or 13.60 to 248.14 and Chevron rising 1.29% or 2.64 to 207.79. Megan Holdings Ltd (NASDAQ:MGN) fell to an all-time low, declining 93.39% or 3.96 to 0.28.

Volatility edged higher as the CBOE Volatility Index - a gauge of implied volatility for S&P 500 options - increased 8.17% to 27.40.

Commodity markets diverged. Gold futures for June delivery declined 3.41%, a drop of 156.55, to $4,428.95 a troy ounce. By contrast, crude oil moved higher: the May contract rose 3.35% or 3.03 to $93.35 a barrel, and the June Brent contract increased 3.44% or 3.35 to trade at $100.61 a barrel.

In currency markets, EUR/USD was largely unchanged at 1.15, the data showed, while USD/JPY rose 0.12% to 159.67. The US Dollar Index Futures advanced 0.28% to 99.68.

Session takeaway - The trading day closed with broad-based declines across major U.S. indexes, led by meaningful weakness in technology-related and industrial names, offset in part by gains in select energy and consumer-facing stocks. Volatility picked up, and commodities showed a mixed response with oil higher and gold notably lower.

Risks

  • Elevated market-wide selling pressure in Technology and Industrials could increase downside risk for sector-exposed stocks - this affects technology and industrial companies.
  • Rising implied volatility, as indicated by the VIX increase, may signal larger price swings ahead and higher option costs - this impacts portfolio hedging and derivatives strategies.
  • Steep single-stock moves, including very large percentage changes in small-cap names, raise liquidity and valuation uncertainty for investors in those securities - this impacts small-cap and micro-cap segments.

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