Markets Snap Losing Streak Amid Geopolitical Turmoil
After five consecutive losing weeks, U.S. stock markets finally posted a winning week, with all major indices closing up over 2.5%. The NASDAQ led the charge, ending the shortened trading week up nearly 4%. But behind those green numbers lay a week dominated by geopolitical uncertainty centered on the escalating conflict with Iran.
The Strait of Hormuz Takes Center Stage
The Iran situation was the primary driver of this week's volatility. Early in the week, reports surfaced that Iran had asked President Trump for a ceasefire. Trump's response was firm: the United States would not consider any ceasefire until Iran reopened the Strait of Hormuz — a critical chokepoint for global oil supply. He doubled down on that rhetoric during a Wednesday night address, keeping markets on edge.
Relief came on Thursday when reports emerged that Oman and Iran were drafting a protocol to monitor the Strait of Hormuz, giving stocks a modest lift. Crude oil, meanwhile, surged 10% higher by the end of the week, reflecting the ongoing supply concerns tied to the conflict.
Nvidia Deepens Its AI Ecosystem With a $2 Billion Marvell Investment
On the corporate side, one of the week's standout stories was Nvidia's $2 billion strategic investment in Marvell Technology. The partnership will integrate Marvell into Nvidia's AI ecosystem through NVLink Fusion, and the two companies plan to collaborate on silicon photonics technology — a frontier area critical to next-generation data center interconnects.
The market responded enthusiastically. Marvell rallied 13% on the week, making it one of the S&P 500's top performers, while Nvidia itself closed 6% higher.
Nike Hits an 11-Year Low Despite Earnings Beat
In a starkly different direction, Nike shares fell to a historic 11-year low, dropping 14% on the week — even after the company posted an earnings beat. The disconnect between results and stock performance reflected deep investor frustration with the pace of the company's turnaround efforts. Adding to the concern, Nike's competitive position in China appears to be lagging behind rivals, raising questions about one of its most important growth markets.
Looking Ahead
With markets closed for Good Friday, attention turns to the March jobs report, which will still be released on schedule. The following week brings earnings from Levi Strauss, Delta Airlines, and Applied Digital — reports that will offer further insight into consumer spending, travel demand, and the AI infrastructure buildout. In a market still navigating geopolitical crosscurrents and shifting sector dynamics, each data point will carry outsized weight.