To The Moon

U.S. stocks were little changed Monday despite major geopolitical upheaval over the weekend, including the reported death of Iranian leader Ali Khamenei following strikes by the U.S. and Israel.

Trump warned that more American casualties were possible in the conflict. Even so, markets showed resilience.

Market Close (March 2, 2026)

• Dow Jones Industrial Average: -0.15%

• $S&P 500(.SPX)$ : +0.04%

• Nasdaq Composite: +0.36%

• Best Sector Monday: Energy (+2%) Worst Sector: Consumer Staples (-1.4%)

  $Northrop Grumman(NOC)$

  Hot Stock: $Northrop Grumman(NOC)$N (+6%) Biggest Loser: AES Corporation (-17.8%)

Gold Hits $5,300; Oil Spikes on Supply Fears

GOLD

While equities stayed steady, commodities reacted sharply.

• Gold surged to $5,300, reflecting safe-haven demand.

• Brent crude oil jumped as much as 13% intraday amid supply disruption fears.

The primary concern centers on the Strait of Hormuz, a critical chokepoint for global energy flows. Roughly 20% of global oil consumption and a similar share of liquefied natural gas exports pass through the strait daily.

Any prolonged disruption could tighten global supply and fuel renewed inflation pressures.

Tech Rotation Remains Contained

Recent rotation away from AI-heavy tech stocks was relatively muted.

The iShares Expanded Tech-Software Sector ETF and the Roundhill Magnificent Seven ETF both saw modest relief, though each remains down roughly 7% over the past month.

MAG7

Lisa Shalett of Morgan Stanley Wealth Management noted that strong macroeconomic data has cushioned tech anxiety, preventing a broader correction.

So far, the market reaction resembles sector rotation, not systemic risk.

The Post-Buffett Era Begins at Berkshire Hathaway

Shares of $Berkshire Hathaway(BRK.A)$ Berkshire Hathaway fell 5% after fourth-quarter operating profit declined 30%.

The report marked the first under new CEO Greg Abel, who succeeded Warren Buffett as chief executive (Buffett remains chairman).

Key investor concerns:

• No share buybacks in Q4 or January

• No dividend announcement

• No change in capital allocation strategy

• $1.6 billion goodwill write-down not clearly highlighted

Berkshire currently holds approximately $127 billion in cash at the parent level, fueling speculation that shareholders expected more aggressive capital returns. Abel reiterated Buffett’s longstanding policy of avoiding quarterly earnings calls, citing a long-term focus.

What This Means for Markets

Despite dramatic geopolitical headlines, markets are signaling:

1. Economic resilience remains intact

2. Energy markets are pricing supply risk quickly

3. Inflation risk could re-emerge if oil remains elevated

4. Sector rotation continues, but without panic selling

Investors will be watching whether energy price spikes spill over into broader inflation expectations, especially with upcoming economic data and earnings reports this week.

Earnings to Watch Tuesday

• AeroVironment

• AutoZone

• Best Buy

• CrowdStrike Holdings

• On Holding

• Ross Stores

• $Target(TGT)$

• Viking Holdings

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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.

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