March retail sales highlighted the growing disconnect between consumer confidence and consumer behavior. Retail sales surged 1.7% month over month, following a revised 0.7% gain in February, marking the strongest monthly increase in more than three years. But of that 170 basis point jump, roughly 110 of it came from higher energy prices—specifically, gas station sales jumping a whopping 15.5%. So is consumer demand still healthy, or are prices just going up? Let’s look closer.

By the end of March, as the S&P 500 flirted with correction territory, markets appeared to carve out a bottom. What followed has been an aggressive V-shaped recovery, with losses fully retraced in just 11 trading days. Since that low, the S&P has rallied roughly 10%, now sitting just below all-time highs and the elusive 7,000 level. Can we maintain this?

In ISM’s March survey, released this week, Services and Manufacturing remained in expansion territory for a third consecutive month.

Since the U.S. attack on Iran began on February 28, 2026, equity markets have experienced a broad-based selloff.

Financial markets remain divided on the Federal Reserve’s next move following recent economic and geopolitical developments.