Fear Is Back: Why the S&P 500’s Biggest Rally in Weeks Just Got Erased Overnight

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Michael Williams

Tue, March 24, 2026 astatine 8:55 AM CDT 5 min read

SPY (SPY) fell .74% successful aboriginal trading aft Monday’s 1.05% alleviation rally evaporated; DIA dropped 6.88% implicit the past month; QQQ fell 4.28% year-to-date arsenic rising Treasury yields compressed maturation banal valuations; IWM slumped 6.49% successful 1 period contempt level yearly returns; Estée Lauder (EL) shares sank 7.72% aft reports of a cash-and-stock acquisition woody for Spanish quality radical Puig. WTI crude remains astatine $93.39, up from $74 successful aboriginal March, with a -0.89 correlation to the S&P 500 implicit the past 20 days.
Iran’s denial of nonstop negotiations with Washington and Israeli skepticism astir near-term woody prospects person collapsed equity gains arsenic lipid prices enactment elevated and rising Treasury yields frost Federal Reserve complaint cuts indefinitely.
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SPDR S&P 500 ETF Trust (NYSEARCA:SPY) futures slipped arsenic overmuch arsenic .74% successful aboriginal trading Tuesday arsenic Monday's alleviation rally evaporated overnight. Tehran's level denial that immoderate nonstop negotiations with Washington had taken spot undercut President Trump's assertion of "very bully and productive" discussions aimed astatine resolving hostilities, sending futures backmost into the reddish crossed each 4 large indices.

Monday's league produced the S&P's biggest single-day summation since February 6, with the scale rising 1.05% aft Trump delayed strikes connected Iran's powerfulness grid. By Tuesday morning, that summation was being partially unwound. Dow, S&P 500, and Nasdaq 100 E-minis were each down astir 0.4% successful pre-market trading. Israeli officials acknowledged Trump wants a woody but said immoderate talks were improbable to win near-term, according to Reuters.

Three weeks of struggle person near existent damage. The S&P 500 is down 3.89% year-to-date and has posted 4 consecutive play declines, hitting a six-month low. The Dow, proxied by SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA), has fallen 6.88% implicit the past month.

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The Nasdaq 100, tracked by Invesco QQQ Trust (NASDAQ:QQQ), is disconnected 4.28% year-to-date, reflecting the peculiar unit connected maturation stocks arsenic rising yields assistance the discount complaint connected aboriginal earnings.

Small caps, tracked by iShares Russell 2000 ETF (NYSEARCA:IWM), are fundamentally level year-to-date but suffered a 6.49% driblet implicit the past month, suggesting the selling has been broad-based alternatively than concentrated successful large-cap tech.

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