U.S. stocks snapped a five-week losing streak with their biggest single-day gains since last May, but oil is back above $112 per barrel and the first quarter of 2026 went down as the worst in nearly four years.

The Nasdaq has officially entered correction territory and the S&P 500 is closing in fast, as five straight weeks of losses and stalled Iran peace talks continue to rattle markets.

The S&P 500 is now 6.8% below its January record high and the Nasdaq is just a hair away from official correction territory, as the Iran conflict enters its fourth week and oil prices surge 74% year to date.

The S&P 500 has now fallen for three consecutive weeks and is closing in on its 200-day moving average, while oil prices remain nearly 45% above pre-conflict levels and volatility stays elevated.

Last week’s perfect storm of rising oil prices, Iran conflict escalation, and a weak jobs report sent U.S. indexes falling for the second week in a row, the S&P 500 is now teetering on the edge of a potentially serious breakdown.