The Dow fell 768 points today to close at a new 2026 low, as inflation fears reared their ugly head. The S&P 500 and Nasdaq followed suit with selloffs of their own, with all three major indexes shedding 1.3% or more. The Federal Reserve kept interest rates steady at the conclusion of its two-day policy meeting and signaled one rate cut in 2026, citing the Iran war as a massive overhang.
February's producer price index (PPI) loomed large all day, with pessimism exacerbated by comments from Fed Chair Jerome Powell, who said the U.S. economy was not making as much progress on inflation as the central bank had hoped. Against this backdrop, Wall Street's "fear gauge" -- the Coe Volatility Index (VIX) -- snapped a three-day losing streak.
Gold Breaches $5K
Oil prices rose again today, as Middle East energy infrastructure faces an ongoing crisis. April-dated West Texas Intermediate (WTI) crude was last seen 2.3% higher at $98.43 per barrel.
Gold prices slipped below $5,000, marking their fifth loss in the last six sessions, with the safe-have asset unable to capitalize on Middle East uncertainty. April-dated gold futures shed 2.4% to settle at $4,889.80 an ounce.
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