US Stocks Post Fifth Straight Weekly Decline; S&P 500 Down 7% YTD, Nasdaq in Correction

US equity markets closed out their fifth consecutive weekly decline in the week ending March 28, 2026. The S&P 500 fell 2.1% for the week to approximately 6,368, down roughly 7% year-to-date. The Nasdaq slid 3.2% for the week and entered technical correction territory, down more than 10% year-to-date. The Dow Jones Industrial Average dropped 793 points on March 28 alone, closing at 45,167, down approximately 8% for the year. The sustained selloff is driven by Brent crude surging past $110/barrel on Strait of Hormuz closure, ongoing tariff regime uncertainty following the Supreme Court's February IEEPA ruling, and deteriorating jobs data (92,000 positions lost in February). Recession probability models from Moody's AI stood at 49%; Goldman Sachs placed the 12-month probability at 30%. The March nonfarm payrolls report was set for release on Good Friday (March 30) while markets are closed, with investor reaction expected Monday. Energy stocks and defensive sectors outperformed; tech and financials remained under pressure.