Closing Recap 

U.S. stocks finished mixed to close out a volatile week, with the S&P 500 slightly higher while the Dow declined; small caps and value stocks outperformed, oil rallied strongly, gold eased, and Treasury yields rose slightly ahead of the holiday weekend. 

Key Takeaways 

• Mixed Finish to Volatile Week: Major averages ended the final day mixed (S&P +0.13%, Dow -1.33%, Nasdaq -0.13%) capping a week of sharp swings driven by tariff news. The week finished negative overall.
• Small Caps & Value Outperform: The Russell 2000 (+0.92%) and value stocks led gains today, while large-cap tech and healthcare lagged. 
• Sentiment Remains Extremely Fearful: Despite some market stabilization attempts, sentiment indicators (AAII, Fear & Greed) stayed deeply pessimistic. 
• Economic Data Mixed: Jobless claims improved, but housing starts weakened significantly, and the Philly Fed outlook plunged on tariff concerns. 
• Oil Surges: Crude oil prices rallied over 3% on renewed Iran sanctions and hopes for progress on trade deals. 
• Gold Pauses: Gold prices took a breather, settling slightly lower after a strong run to near record highs. 
• Yields Tick Higher: Treasury yields rose modestly after significant volatility earlier in the week. 

Market Overview 

Another roller coaster week concluded with a mixed session for U.S. equities, ultimately leaving major averages lower for the week despite attempts to stabilize. Stocks opened modestly higher, seemingly brushing off mixed pre-market economic data (better jobless claims, but weak housing starts and a dismal Philly Fed outlook). Early leadership came from defensive sectors like Consumer Staples and Utilities, while large-cap Technology and Health Care stocks lagged, weighing on the Nasdaq and S&P 500 initially. Sentiment remained deeply entrenched in “Extreme Fear,” according to various indicators, suggesting investor conviction remains low despite the absence of fresh negative tariff escalations. 

Index	Up/Down	% Change	Last
DJ Industrials	-527.28	-0.0133	39142
S&P 500	6.94	0.0013	5282
Nasdaq	-20.71	-0.0013	16286
Russell 2000	17.15	0.0092	1880

Trading saw improvement into the afternoon, with market breadth widening significantly to favor advancers. Small caps (Russell 2000) and value stocks showed notable outperformance, leading the charge higher. Energy stocks surged to become a top performer alongside Consumer Staples and Real Estate. However, persistent weakness in Healthcare (dragged down by a steep loss in UNH) and Technology kept gains in the larger indices capped. The market ultimately finished mixed, failing to sustain strong momentum but avoiding the dramatic collapses seen earlier in the week. This price action reflects a market still grappling with immense uncertainty related to trade policy, even as it tries to look ahead to earnings season. 

Economic Data

Economic data released yesterday  presented a mixed bag, with improving labor market indicators offset by weakness in housing construction and a sharp deterioration in regional manufacturing sentiment due to trade fears. 

• Weekly Jobless Claims: Fell to 215,000 from 224,000, better than the 225,000 consensus. The 4-week average also declined. Continuing claims, however, ticked higher to 1.885 million.
• Housing Starts (Mar): Weakened significantly, falling -11.4% to a 1.324 million unit annualized rate (below 1.42M est.). Single-family starts dropped -14.2%. Housing permits, a forward-looking indicator, rose +1.6% to 1.482 million (above 1.446M est.). 
• Philadelphia Fed Business Outlook (Apr): Plunged to -26.4, drastically missing the +2.2 estimate and reversing sharply from March’s +12.5. New orders (-34.2) and employment (0.2 vs 19.7 prior) components weakened considerably, reflecting tariff impacts. The prices paid index (51.0) remained elevated. 

Commodities, Currencies, and Treasuries 

Gold futures took a pause after yesterday’s strong gains, settling down $18.00 (-0.54%) at $3,328.40 per ounce. While pulling back slightly, the metal remains near record highs, supported by persistent safe-haven demand amid trade uncertainty. Citi reiterated a bullish outlook, though acknowledged positive trade news could temper demand. Crude oil prices extended gains strongly, with WTI rallying $2.21 (+3.54%) to settle at $64.68/bbl. The move to two-week highs was driven by reports of new U.S. sanctions on Iran and continued hopes for constructive trade negotiations alleviating demand destruction fears. This marked oil’s first weekly gain in three weeks. Treasury yields ticked higher, with the 10-year yield rising over 5 basis points to 4.333%, reflecting perhaps a slight easing of immediate panic or positioning ahead of the long weekend and upcoming supply. The U.S. dollar was likely mixed to slightly weaker based on the currency pair data.

Asset	Up/Down	Unit / % Change	Last
WTI Crude	2.21	USD/bbl	64.68
Brent	2.11	USD/bbl	67.96
Gold	-18	USD/oz	3328.4
EUR/USD	-0.0027	USD	1.137
USD/JPY	0.63	JPY	142.45
10-Year Note	0.054	%	0.04333

Looking Ahead 

U.S. markets are closed today, Friday, for the Good Friday holiday. Trading will resume on Monday. Investors head into the long weekend still grappling with significant trade policy uncertainty, despite the absence of further negative escalations in the past couple of sessions. Next week marks the beginning of the Q1 earnings season barrage, which will provide crucial insights into corporate performance and guidance in the face of tariffs and economic concerns. Key inflation data and further trade developments will also remain central to market focus.