It was a down week across the board for equities: S&P 500 closing at 6,632.19 (-1.60%), Nasdaq closing at 22,105.36 (-1.26%), Dow Jones closing at 46,558.47 (-1.99%), Russell 2000 closing at 2,480.05 (-1.79%). The decline was broad-based — all major indices moved lower together, a sign of broad risk-off sentiment rather than isolated sector weakness.

The 10-year Treasury yield climbed 15 bps to 4.28% — rising yields signal the bond market is pricing out rate cuts, which puts pressure on rate-sensitive growth stocks and long-duration bonds. Gold moved -0.59% to $5,061.70, a modest pullback with no strong directional signal. The dollar strengthened +1.15% (DXY: 100.43), a headwind for multinational earnings and international ETF holders. WTI crude rose +4.16% to $98.71/bbl — a meaningful move that adds upward pressure on energy costs and inflation expectations.

On the economic data front, JOLTS Job Openings (January 2026) beat expectations (6.946M vs. 6.8M forecast); CPI (February 2026, MoM / YoY) missed expectations (0.3% / 2.4% vs. 0.3% / 2.6% forecast); Core CPI (February 2026, MoM / YoY) missed expectations (0.2% / 2.5% vs. 0.3% / 3.1% forecast); PCE Price Index (January 2026) beat expectations (0.3% MoM / Core +0.4% MoM / Core +3.1% YoY vs. 0.3% / Core 0.3% forecast); Michigan Consumer Sentiment (March 2026, Preliminary) missed expectations (55.5 vs. 63.0 forecast). Hotter-than-expected inflation data reduces the probability of near-term rate cuts, keeping pressure on rate-sensitive assets.

Next week's calendar is heavy. The FOMC rate decision is the marquee event — markets will parse the statement and press conference for any shift in the rate-cut timeline. The dot plot update will reset expectations for the rest of 2026; PPI will offer an early read on pipeline inflation pressures. Volatility around these releases is likely — position before the prints, not after. Secondary data to watch: Housing Starts & Building Permits (February 2026), Initial Jobless Claims (week of Mar 15).

This week's selloff was broad and deep. The S&P 500 dropped 1.6%, but the story is in the width: small caps (Russell 2000 -1.79%), tech (Nasdaq -1.26%), blue chips (Dow -1.99%) all fell together — this wasn't sector rotation, it was risk-off across the board. A $10,000 index portfolio lost roughly $160. The dollar also strengthened +1.1% — a quiet headwind if you hold international ETFs, as foreign gains get partially erased when converted back to USD.

Bond yields climbed 15 bps to 4.28% over the week, making it harder to justify equity valuations — particularly in growth and small caps. Worth noting: gold fell 0.59% despite the equity selloff — a sign the dollar's strength is the dominant force, not a simple flight to safety.

Headline CPI came in cooler than expected at 0.3% / 2.4%. Progress on inflation gives the Fed more room to cut rates, which tends to be a positive for both stocks and bonds. Core CPI — the Fed's cleanest read on underlying inflation — came in softer than expected at 0.2% / 2.5%. This is the most encouraging kind of disinflation: not just cheaper gas, but genuine easing of underlying price pressures. It gives the Fed more room to eventually cut rates. The PCE inflation reading — the Fed's preferred measure — came in hotter than expected at 0.3% MoM / Core +0.4% MoM / Core +3.1% YoY. This tells the Fed that inflation isn't beaten yet, making interest rate cuts less likely and keeping pressure on stocks.

Key events next week: Retail Sales (February 2026) and FOMC Rate Decision. These can move markets — particularly bonds and rate-sensitive sectors. Be positioned before the releases, not after.