The 1-Minute Market Report, March 22, 2026

Erik Conley13.37K FollowersFollow5ShareSavePlay(8min)CommentsSummaryEquity markets have pulled back 6.8% from January highs, with defensive posturing warranted amid Middle East tensions and energy disruptions.Oil prices have surged due to the Iranian blockade of the Strait of Hormuz, driving commodities higher and pressuring equities, especially in Europe and Asia.The Mag 7 tech stocks, notably TSLA and NVDA, have led the S&P 500's YTD decline, while small- and mid-caps have shown relative resilience.Cash is now favored as a defensive allocation, with a planned increase to 15% amid few safe havens and heightened inflation risks. SlavkoSereda/iStock via Getty Images The equity market pullback gathered steam last week, with a loss of 1.9%. That brings the total decline from the January 27 high to 6.8%. How bad is that decline, compared to other market declines throughout history? It barely registers. ThisThis article was written byErik Conley13.37K FollowersFollowI spent 30 years in the institutional trenches as a trader, analyst, and portfolio manager, eventually running the equity trading desk at Northern Trust in Chicago. Those decades shaped my approach: stay disciplined, trust the data, and keep emotion out of the way. Since 2009, when I began publishing my stock selections, my portfolio has delivered solid long term results—compounding in the mid teens annually through 2025. Today I’m a private investor and investing coach, with a rules based framework that helps people build better portfolios. My work focuses on systematic thinking, behavioral awareness, and evidence over opinion. For my market outlook and model portfolio updates, visit zeninvestor.org. .Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA, AVGO, GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.