US Stocks Slipped. Bonds Dropped Too. Even Gold Fell.
March was a month when almost nowhere was safe. The S&P 500 fell 1.9% over the period, dragged down by a sharp drop in technology stocks, which lost 3.5% as a group. Communication services fared even worse, shedding 7.2%. Energy was the lone bright spot, climbing 6.2% as oil prices surged.
What made March unusual was that safe-haven assets did not protect investors the way they normally would. Bonds fell 2%, as measured by the Bloomberg US Aggregate index, because rising oil prices stoked fears that inflation could return before the Federal Reserve gets a chance to cut rates. Gold tumbled 11%, reversing months of gains driven by dollar concerns.
The 10-year Treasury yield rose by roughly half a percentage point over the course of the war to reach 4.4%, a level last seen in July 2025. The 30-year mortgage rate climbed to 6.38% by March 26. For ordinary Americans, that means borrowing for a home just got meaningfully more expensive again, right as the job market softened.
S&P 500 (March): -1.9% — Led lower by tech and communications
Tech sector: -3.5% – Semiconductor and software stocks led decline
Energy sector: +6.2% — Only major sector to finish higher
10-year Treasury yield: 4.4% — Highest since July 2025
30-year mortgage rate: 6.38% — As of March 26, 2026
