Overview
U.S. stocks closed lower on March 20, 2026. I view the session as a selloff driven by escalating war risks, rising oil prices, and extreme options-related volatility.
| Nsdaq | S&P 500 |
| Dow Jhones | Won/ Dollar |
Key Drivers
- Escalation fears in the Iran conflict
- Rising oil prices
- Massive options expiration impact
War Escalation
Markets grew increasingly concerned that the conflict would not end quickly. Reports of potential U.S. ground troop deployment and strategic military moves significantly increased market anxiety.
After-Hours Shift
After the close, President Trump stated that military objectives were nearly achieved and that ending operations was under consideration. This could act as a short-term stabilizing factor for oil prices.
Fed Outlook
- Oil → inflation risk
- Weak labor → rate cut justification
- Result: policy dilemma
Options Expiration
Approximately $5.7 trillion in options expired, significantly increasing trading volume and volatility.
Stock Highlights
- Super Micro Computer fell 33%
- AI-related legal issues triggered sharp decline
Conclusion
The market is currently driven by war risk, oil shocks, and policy uncertainty. Volatility is likely to remain elevated in the near term.
