What is happening across this Global Week Ahead?

Global markets are coming to the end of a dizzying first quarter, dominated by geopolitics and now, war.

U.S. President Donald Trump has given Tehran into April to reopen the critical Strait of Hormuz or face the destruction of its power infrastructure, meaning another 10 nail-biting days for investors who will also be dealing with major macro data and the first quarterly earnings.

Next are Reuters’ five world market themes, re-ordered for equity traders—
 

(1) On Friday, Stock Traders View the March U.S. Nonfarm Jobs Report

The U.S. jobs report for March will offer a crucial view into the economy's health as investors gauge fallout from the energy price surge.

The employment report on April 3rd is expected to show monthly payrolls rose by +48K, according to a Reuters poll.

February's surprisingly weak report caught Wall Street off guard, ‌showing nonfarm payrolls fell by -92K while the unemployment rate increased to 4.4%.

Investors are watching to see whether the spike in energy prices will start weighing on consumer spending and the broader economy.

Uncertainty over the Iran war is also clouding the economic forecasts for the Federal Reserve, with Wall Street pulling back on expectations for U.S. interest rate cuts this year as the oil price surge fuels concerns about rising inflation.

Other U.S. data in the coming week includes retail sales for February and reports on manufacturing and services activity.
 

(2) Ahead of a Presidential Tweet, Insider Trading Likely Happened

March has been a month of milestones for the oil market — the biggest energy shock in history, the most volatility since COVID and this past week, one of the biggest price flip-flops on record.

When Trump posted on social media on Monday that negotiations with Tehran had been "constructive" and suggested an end to hostilities may be in sight, the oil price lurched -15% lower in minutes.

What was less obvious was a roughly $500-million bet on the crude price 15 minutes prior to Trump's post, made up overwhelmingly of sell orders when oil was about 2% higher on the day and rising.
 
It is not clear who placed the bet or what might have prompted them to do so.

What is clear for traders going into another week fraught with uncertainty is the need to stay light on their feet and glued to their social media feeds.
 

(3) An Oil Shocked Q1 Comes to an End. A Tense Q2 Begins. Oh Boy!

Q1 is coming to an end, giving traders a chance to square up and reflect on an extraordinary few months where the world's financial markets have been at the mercy of geopolitics.

The Iran war has wiped roughly $7 trillion off global stocks since it erupted. Oil and gas prices are up nearly +70% and +85%, respectively year to date.

Suddenly interest rates are heading up, rather than down, and energy-hungry AI does not look like such a slam-dunk anymore.

Even before the Middle East kicked off, things were lively. There were those Trump interventions in Venezuela and Greenland and worrying spluttering noises in high-flying private credit market.

This month's -16% plunge in gold — which had been almost unstoppable since the start of 2025 — also underscored there are increasingly few places to shelter from trouble these days.

Roll on Q2, or rollover Q2? 

With wars raging, central banks pirouetting and some crucial elections in the calendar, maybe that is the question.
 

(4) On Wednesday, South Korean Trade Data for March is Out. A Global Checkup?

South Korea's trade data for March, due for release on Wednesday, will provide an early indicator of how the global economy is holding up in the face of the war and the resulting shock to energy prices.

Korea's export-heavy economy is a bellwether for global trade and one of the first to report on April's data calendar.

Its manufacturing fortunes are of even greater interest than usual, not just because of its dependence on Middle Eastern energy imports, but also because its world-leading DRAM chips are of critical importance to the AI sector — and currently in short supply too. And with levels of volatility in the Kospi still elevated following the turmoil of the past few weeks, investors should be certain to take a close look.
 

(5) On Tuesday, Flash Euro Zone Inflation Data is Out. Does it Reveal Stagflation?

Flash Euro Zone inflation for March is due on Tuesday.

After long hovering around the +2.0% mark, higher energy prices are now expected to push headline inflation up, as they did in 2022. The question is, how large and sustained any jump in inflation might be.

Early data is not painting a pretty picture. Private sector growth in the Euro Zone slowed sharply in March, with input costs rising to their highest in more than three years and supply chains being significantly disrupted.

Altogether, economic data for March could ramp up pressure on the European Central Bank to hike rates as soon as next month -- something that seemed almost unthinkable before the Iran war, but is now being heavily priced in by money markets.
 

Zacks #1 Rank (STRONG BUY) Stocks

Here are three large cap Zacks #1 (STRONG BUY) picks, moving stock markets, now.

(1) Equinor (EQNR Quick QuoteEQNR - Free Report) : This is a $41 a share stock, with a market cap of $121B. It is found in Zacks Oil & Gas – Refining and Marketing industry. The stock holds a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of A. 

F12M P/E: 10.8.

Image Source: Zacks Investment Research

Equinor ASA operates as an energy company.

It engaged in developing oil, gas, wind and solar energy projects and focuses on offshore operations and exploration services.
 
Equinor ASA, formerly known as Statoil ASA, is based in Norway, Europe.

(2) Advantest (ATEYY Quick QuoteATEYY - Free Report) : This is a $136 a share stock, with a market cap of $99.6B. It is found in the Zacks Electronics – Measuring & Instruments industry. The stock holds a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of A.

F12M P/E: 44.7.

Image Source: Zacks Investment Research

Advantest Corp. is one of the world's leading automatic test equipment suppliers to the semiconductor industry, and is also a producer of electronic and optoelectronic instruments and systems.

A global company, Advantest has long offered total ATE solutions, and serves the industry in every component of semiconductor test: tester, handler, mechanical and electrical interfaces, and software.

Its logic, memory, mixed-signal and RF testers, and device handlers, are integrated into the most advanced semiconductor fabrication lines in the world.

(3) Agnico Eagle Mines (AEM Quick QuoteAEM - Free Report) : This is a $187 a share stock, with a market cap of $94B. It is found in the Zacks Oil and Gas - Integrated industry. The stock holds a Zacks Value score of D, a Zacks Growth score of B, and a Zacks Momentum score of B.
F12M P/E: 14.0. 

Image Source: Zacks Investment Research

Agnico Eagle Mines Limited is a gold producer with mining operations in Canada, Mexico and Finland, and exploration activities in Canada, Europe, Latin America and the United States.

Agnico Eagle's LaRonde mine in Quebec has provided the company's foundation for domestic and international expansion.

Agnico Eagle operates through two broader segments: Northern Business and Southern Business.

Northern Business include the LaRonde and Goldex mines and Canadian Malartic mine, all based in Quebec, as well as the Meadowbank and Meliadine mines in Nunavut in northern Canada and the Kittila mine in Lapland in northern Finland.

Southern Business consists of the Pinos Altos mine and Creston Mascota satellite mine, both in Chihuahua in northern Mexico as well as La India mine in Sonora in northern Mexico.
 

Key Global Macro

As usual, Friday’s U.S. Nonfarm Payroll Report for March is the big macro print.

But Wednesday’s ISM PMI for March, in terms of timely comments on the global oil shock, may be better reading.

On Monday, Fed Chair Powell gives a speech.

Mainland China’s NBS manufacturing PMI for March comes out. 40 was the prior reading.

Germany’s CPI for March comes out. The prior reading was +1.9% y/y.

On Tuesday, the Euro Zone’s core Harmonized Index of Consumer Prices (HICP) for March comes out. The prior reading was +2.4% y/y.

The U.S. Case/Shiller National Home Price Index (HPI)  for Jan comes out. The prior reading was +1.4%y/y.

Mainland China’s RatingDog Manufacturing PMI for March comes out. The prior February reading was 52.1.

On Wednesday, the private U.S. ADP jobs number comes out for March. The February print was +63K.

U.S. Retail Sales for February comes out. The prior January reading was a weak -0.2% m/m. Ex-Autos was +0.0% m/m.

The U.S. ISM manufacturing PMI comes out for March. The February reading was 52.4.

On Thursday, U.S. Challenger Job Cuts for March come out. 48.3K was the prior February reading.

On Friday, U.S. non-farm payroll data for March lands, in the morning. The prior February reading was a weak -92K. The prior household unemployment rate was 4.4%.
 

Conclusion

What Zacks Research Director Sheraz Mian shared on earnings, on March 25th, 2026 —

His four key points:

(1) Total S&P 500 earnings in the first quarter of 2026 are currently expected to increase by +12.8% from the same period last year on +8.8% higher revenues.

This would follow the +14% increase in earnings on +9.1% higher revenues in the preceding period (2025 Q4).

(2) Estimates for 2026 Q1 and full-year 2026 remain positive, with the favorable revisions trend firmly in place even after the start of the Middle East conflict.

(3) Estimates for the Energy sector have moved higher since the start of March.

But estimates have also increased for 7 other Zacks sectors, including Tech, Finance, Construction, Basic Materials, and Transportation.

(4) The Tech sector has been a critical growth pillar since 2023 Q3 and is expected to play that role in 2026 Q1 as well, with expected earnings growth of +27.1%.

Excluding the Tech sector’s substantial contribution?

Q1 earnings growth for the rest of the S&P 500 index would be +5.6% (versus +12.8% otherwise).

That’s it for me.

Enjoy this week’s trading and investing!

John Blank, PhD.
Zacks Chief Equity Strategist and Economist