State of the Market

Daily market briefings published at Open, Midday, and Close. Structured analysis of price action, macro context, sector leadership, and cross-asset signals.

These reports document what the market is doing right now, not predictions. They provide context, structure, and continuity throughout the trading day.

● Market Pulse: Rotational

Updated 5:15 PM ET

Rotational: Nasdaq/QQQ leading while long bonds and the dollar bid; small caps and utilities lag.

QQQ ↑

TLT ↑

IWM ↓

XLU ↓

GLD ↔

Market Reports

Three reports per trading day: Open, Midday, and Close

All Dates Today Yesterday

Market Close March 20, 2026 • 4:02 PM

Closing Tape: Oil Up, Stocks Down, Bonds Flinch. The Market Prices the War, Not the Words.

Equities slid into the close as energy inflation fears tightened their grip. Crude-linked products caught a bid, long bonds sold off, and the defensive playbook did not work cleanly.

SPY closed at 648.52 (prev 659.80), with QQQ at 582.07 (prev 593.02), extending the risk-off tone.
Duration sold off with TLT at 85.86 (prev 87.49) and IEF at 94.88 (prev 95.74), consistent with inflation-risk repricing.
Crude exposure jumped, USO rose to 121.44 (prev 117.36), while broad commodities DBC edged up to 28.945 (prev 28.84).

Midday Update March 20, 2026 • 12:05 PM

Midday pressure builds: stocks sag, oil climbs, bonds sell off as energy shock tests the tape

Tech and small caps stay heavy, Energy grinds higher, and precious metals retreat. Yields firm despite a dovish-leaning Fed voice, while geopolitics keep supply-risk headlines front and center.

Energy leads as oil rises; XLE up while most sectors slip
Long-end yields hold firm this week; TLT and IEF extend declines
Growth stocks lag; QQQ and XLK trade below prior closes

Market Open March 20, 2026 • 9:33 AM

War premium cools a notch, yields stay stiff, and gold buckles as Wall Street tiptoes into Friday

Energy edges back from the highs while Treasurys hold a higher range. Tech is softer again, banks show some resilience, and the tape leans defensive into a geopolitically loaded weekend.

Stocks lean lower premarket with SPY and QQQ under prior closes, while small caps (IWM) show a marginal bid.
Energy equities are firmer even as crude (USO) gives back part of its spike; broader commodities and gold (GLD) are lower.
Treasury ETFs (TLT, IEF, SHY) trade down as 10-year and 30-year yields remain elevated in the 4.2% and 4.8% areas, respectively.