First-quarter 2026 earnings season opens with unusually high stakes following the U.S.-Iran war's impact on oil markets and supply chains. Major banks dominate the calendar, with focus on loan demand and credit stress. Options markets are pricing single-digit to nearly 30% post-earnings swings across 10 large-cap companies, with Wipro showing the most extreme volatility expectations at 30.09% implied move.

Three weeks into the Iran war, markets are repositioning for a prolonged conflict lasting months rather than days. A 32-percentage-point divergence has emerged between stocks benefiting from a closed Strait of Hormuz (energy, defense, drones) which are up 17.55% on average, and those needing it open (airlines, cruise lines, logistics) which are down 15.35% on average. Prediction markets assign only a 26% probability of normal traffic returning by April 30, suggesting at least six more weeks of disruption.

Nasdaq Texas officially launched as a dual listing exchange on March 5, 2026, with SEC approval of its listing rules. The exchange, domiciled in Texas, allows U.S. public companies to leverage Texas' business-friendly environment while maintaining access to Nasdaq's global platform and technology. Five companies completed the inaugural dual listing cohort, and Nasdaq Inc. itself dual listed on the new exchange to demonstrate confidence in the platform.

U.S. stock futures rose on Friday following Thursday's positive close, with chip stocks leading gains after Taiwan Semiconductor Manufacturing Co. posted record quarterly results. Financial stocks also rallied with Goldman Sachs and Morgan Stanley posting strong earnings. Key movers included Chevron expanding gas production, Paysafe forming a strategic partnership, J.B. Hunt reporting mixed results, ImmunityBio surging on strong product revenue, and QXO declining after announcing a stock offering.

The fourth-quarter earnings season kicks off this week with major financial institutions and Taiwan Semiconductor Manufacturing Company reporting results. The Big Six banks are expected to showcase a rebound in investment banking fees driven by a 42% year-over-year surge in global M&A activity. JPMorgan Chase leads Tuesday's reports, followed by Bank of America, Wells Fargo, and Citigroup on Wednesday, with TSMC reporting Thursday morning.

Dow Theory, a century-old market framework, has triggered a rare buy signal as both the Dow Jones Industrial Average and Dow Jones Transportation Average reached new highs simultaneously. Historically, such signals have preceded 11.1% average 12-month returns in the S&P 500, with stocks finishing higher 83% of the time. Transportation stocks have recently outperformed, with several names posting significant gains over the past three months.

Legacy Capital Wealth Partners reduced its stake in The Gap by 200,000 shares (valued at approximately $4.32 million) in Q3 2025, cutting its position roughly in half since initially investing in Q2 2024. The reduction reflects investor frustration with the stock's stagnant performance, as Gap has shown low single-digit revenue growth and flat profitability despite a low 11 P/E ratio, suggesting the stock is cheap for a reason.

Several large-cap stocks showed significant gains last week, with companies like Bunge, J.B. Hunt Transport Services, and Albertsons reporting strong financial performance and receiving positive analyst ratings.

U.S. stock futures rose on Thursday, with key companies like Salesforce and Charles Schwab in focus. The market anticipates earnings reports and monitors Federal Reserve signals about potential interest rate cuts.

J.B. Hunt's Q2 2025 earnings showed flat revenue, mixed segment performance, and potential challenges with rising costs and reduced margins. The stock is currently rated as a Moderate Buy with potential for 8% upside, but faces risks in capital return and buyback strategies.

J.B. Hunt's stock price fell due to tepid Q1 guidance, but the market has overcorrected, offering a deep-value opportunity in this transportation stock. Institutional activity remains bullish, and the stock is trading at a critical support level.

U.S. stock futures declined as the U.S.-China tariff war continues, with the Trump administration levying a 245% tariff on China. However, an expert notes that stock valuations are now more compelling, potentially setting the stage for improved long-term returns.