Mid-Morning Look: March 30, 2026

Mid-Morning Look

Monday, March 30, 2026

U.S. stocks were higher on the open, but just like the last few weeks, every pop has been met with selling pressure as stock markets pare gains as the war in Iran and concerns ahead of key jobs data later this week keep investors fearful. March has two trading days remaining (including today) and many S&P sectors have seen massive selling pressure on rising inflation concerns (and no rate cuts) given the surging price of oil, gasoline and other energy prices, while supply chain concerns remain given the lack of shipping thru the Strait of Hormuz. Healthcare (XLV) and Industrials (XLI) are on track for monthly declines of over -10% and over 8% declines this month for Communications (XLC), Consumer Staples (XLP) and Consumer Discretionary (XLY) while Energy (XLE) is the only sector higher in March +13%. Precious metals (gold and silver) have tumbled this month, far from their 2026 all-time highs, while aluminum stocks and prices surge to 4-year highs. The Philadelphia Se Semiconductor index (SOX) hits near three-month low, last down 2.5% at 7,275. Not much positive news out of Iran this weekend with several. The dollar/yen (USD/JPY) touched an intraday high of 160.46, its highest level since Japan’s intervention in July 2024, before retreating following the verbal warnings from currency chief Mimura and BOJ Governor Ueda. No US economic data today ahead of a busy week of jobs data, while the S&P 500, Nasdaq and Dow are coming into the week with 5-week losing streaks and oil firmly above $100 a barrel. Treasury yields pull back with the 10-yr down -8.5bps to 4.355%

Among the top headlines this weekend related to Iran included: President Trump is weighing a military operation to extract nearly 1,000 pounds of uranium from Iran, according to U.S. officials, the WSJ reported. President Trump has signaled a potential seizure of Iran’s Kharg Island to control oil exports, amid 10,000 troop deployments and surging prices. Trump claimed a “regime change” in Iran has led to more “reasonable” negotiations with new leadership. Despite ongoing military strikes, he expressed optimism for a deal, claiming Iran has agreed to allow 20 oil tankers through the Strait of Hormuz starting tomorrow as a gesture of progress

This morning, President Trump said on Truth Social: “The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran. Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately “Open for Business,” we will conclude our lovely “stay” in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet “touched.” This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year “Reign of Terror.” Thank you for your attention to this matter. President Donald J. Trump”

• In Industrial Sector: Deutsche Bank with four trading ideas into next quarter earnings as for, 1) HUBB Catalyst Call buy idea as thinks the stock stands to benefit from very low international exposure amidst the Middle East war (reducing risk of P&L impacts); 2) AME Catalyst Call Buy idea as the firm forecast a material 3% adj. EPS beat in Q126 (based on normal seasonality, which does not seem aggressive in its view) and model FY26 adj. EPS at the high end of the company’s guidance – and it thinks this could still prove overly conservative; 3) for EMR Catalyst Call Sell Idea as thinks the company’s relatively high 7% exposure to the Middle East is of greater concern in the near-term; and 4) IR Catalyst Call Sell idea saying investor sentiment continues to skew negative, and the stock has underperformed modestly YTD, while projects a $0.02 adj. EPS miss in Q126 driven by weaker revs/margins.

• IGV +1%; software stocks get a small rebound after tumbling last week, specifically cyber security stocks following last week’s Anthropic’s leaked Claude Mythos detail (CRWD, OKTA, PANW all higher).
• KZR +19%; as AUPH to acquire KZR for $6.955 in cash per share plus a contingent value right; CVR includes payments from Zetomipzomib, Everest, Enodia, and net cash over $50M.
• SGML +22%; after it signed new sales agreements that are expected to help triple cash generation as the Brazilian supplier looks to recover from production disruptions. Its shares jumped.
• UTHR +14%; after saying its drug Tyvaso improved lung function in patients with idiopathic pulmonary fibrosis, or IPF, achieving the primary goal of a second Phase 3 study. The company will submit an application this summer to the FDA, seeking to expand Tyvaso’s approval to treat IPF.

• BSX -7%; following better CHAMPION results this weekend as a positive by several analysts, but names like Raymond James downgraded today and lowered estimates, which now sit modestly below consensus, to reflect slower trends in BSX’s key growth areas [namely U.S. EP and Watchman (WM)].
• CAR -2%; after the rental car company filed to sell up to 5 million shares late Friday.
• MU -4%; after falling over -15% last week along with a -13% decline for rival memory maker SNDK extending losses after news last week that Google Research said its new TurboQuant technology can limit the amount of memory required to run large language models by at least a factor of six, reducing the overall cost of training AI.
• SNY -2%; after reported a second case of a patient developing Kaposi’s sarcoma, a type of cancer that affects the skin, in a late-stage study for experimental eczema treatment amlitelimab.
• SYY -12%; after agreed to buy family-owned Restaurant Depot for roughly $29 billion, including debt. Restaurant Depot shareholders would receive $21.6 billion in cash and 91.5 million Sysco shares, according to the terms of the deal.
• VRDN -33%; shares tumble as announces topline results from Elegrobart Phase 3 REVEAL‑1 clinical trial in active thyroid eye disease; REVEAL-1 met the primary endpoint with a highly statistically significant treatment effect – but feedback/focus centering around the higher placebo response driving weaker placebo adjusted responses versus expectations.