Concerns Shift From Obsolescence To Oil

2026-04-09 07:30:00 ET

By Shannon L. Saccocia, CFA

The Month in Markets

As the month of February closed, investors were still mired in the malaise resulting from the sell-off in software and services equities in light of new questions around how quickly businesses could be disintermediated by advances in AI. Credit, too, was under pressure, as investors cast doubt on the relative safety of the loans outstanding to these businesses, particularly given the threat to their cash flows. Focus shifted quickly, however, as the U.S. announced Operation Epic Fury on February 28, launching airstrikes on Iranian nuclear sites, missile infrastructure, and military command centers; the Iranians, in turn, launched attacks on several sites in the Gulf region, and effectively closed the Strait of Hormuz, sending oil and natural gas prices soaring. These events cast the month of March as one in which investors were struggling to understand the impacts of higher energy prices on both inflation and growth....

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