Issues simply hold getting worse for the inventory market. The S & P 500 , Nasdaq , and Dow suffered their fourth consecutive week of losses because the Iran battle and sizzling wholesale inflation stoked financial issues. Nvidia ‘s annual GTC builders occasion final week was chock stuffed with bullish bulletins and the speak of Wall Road and Silicon Valley. Nonetheless, it didn’t assist the AI chip powerhouse’s inventory. Micron’s earnings report and post-release commentary offered an replace on how extreme the worldwide reminiscence scarcity is, which weighed on the inventory. .SPX .IXIC,.DJI YTD mountain S & P 500, Nasdaq, and Dow 12 months thus far performane The S & P 500 fell 1.5% over the previous 5 classes. The Nasdaq and the Dow every tumbled roughly 2% for the week, with every dipping briefly into 10% correction territory on Friday earlier than closing off their lows. The rise in oil costs (and occasional drop) has been largely shifting shares in the wrong way for the reason that U.S. and Israel first attacked Iran three weeks in the past. The decline in shares has stored the market in oversold territory for 9 straight classes, in accordance with the S & P Brief Vary Oscillator , so we put some money to work. The Membership purchased Goldman Sachs and Boeing twice final week and scooped up shares of Wells Fargo and Cardinal Well being . Every of these names has been unfairly punished out there downturn, and will rally on even a little bit of constructive information. Jim Cramer has been saying that opening the Strait of Hormuz, the important oil transport waterway off Iran’s coast, is essential to significant restoration in shares. It is unclear if the market can snap its dropping streak come Monday. Till then, here’s a nearer have a look at the three forces that drove Wall Road and our portfolio final week. Inflation issues Inflation was on traders’ minds because the Center East battle despatched oil hovering. Wholesale costs for February got here in hotter than anticipated, and that was even earlier than the Iran battle began. The producer value index jumped a seasonally adjusted 0.7% over the month, method larger than Dow Jones estimates of a 0.3% improve. Hours after that, Fed Chair Jerome Powell mentioned that inflation wasn’t coming down as shortly as hoped. He additionally mentioned that the war-induced spike in oil will elevate it within the close to time period. Jim referred to as the oil-PPI combo a “one-two punch” for the inventory market final week. Brent crude , the worldwide benchmark, jumped 8.8% for the week after assaults on varied vitality services abroad. Shoppers are already feeling the pinch from larger fuel costs on the pump, which, as we reported on Friday, tends to make Costco fuel stations busier, with individuals deciding to swing into the shop whereas they’re there. Costco sells fuel cheaper than retail costs. The additional retailer site visitors boosts gross sales. Reminiscence crunch Micron delivered a blockbuster quarter on Wednesday. Income for the memory-chip maker almost tripled, however CEO Sanjay Mehrotra chalked it as much as “structural provide constraints” and “a rise in reminiscence demand pushed by AI.” A day later, nevertheless, Mehrotra mentioned that Micron cannot ship sufficient reminiscence to main prospects because of this tightening provide. “We’re solely capable of provide, for our key prospects within the midterm, about 50% to two-thirds of their necessities,” the CEO advised Jim throughout CNBC’s ” Squawk on the Road ” on Thursday. The explosion of AI has triggered a large reminiscence crunch. It is nice information for storage and reminiscence shares like Micron, which has run about 50% 12 months thus far after greater than tripling in 2025. However for {hardware} firms that want reminiscence, it is a combined bag. Have a look at HP ‘s earnings final month. Shares of the laptop computer maker hit a 52-week low after administration projected annual earnings on the low finish of steerage and famous strain from elevated reminiscence costs. The inventory has misplaced 18% 12 months thus far. Apple is faring higher, with its inventory down lower than 9% 12 months thus far. The iPhone maker grabbed share in China for the primary 9 weeks of the 12 months regardless of the area’s lagging smartphone market, knowledge from Counterpoint Analysis indicated on Thursday. Analysts mentioned Apple was capable of appeal to extra prospects as a result of it held the road on pricing, whereas rivals have been compelled to hike costs due to rising reminiscence prices. “Possibly it is a signal that [Apple’s] higher [at] managing reminiscence prices versus rivals which have to boost costs,” Jeff Marks, the Investing Membership’s director of portfolio evaluation, mentioned throughout Thursday’s Morning Assembly. Nvidia’s GTC Nvidia held its highly-anticipated GTC final week, which included new product bulletins and perception into the place income is headed. Highlights: CEO Jensen Huang mentioned the corporate expects its Blackwell and Vera Rubin technology chip orders to hit $1 trillion by 2027. The convention is an enormous deal for traders as a result of they typically have a look at Nvidia for indicators of what is subsequent in AI. It isn’t solely the main AI chipmaker, however it’s additionally the biggest publicly-traded U.S. firm by market capitalization. It has been a irritating inventory to personal just lately. Shares dropped 4% for the week regardless of all of the constructive information. Whereas down greater than 7% in 2026, Jim has maintained his “personal, do not commerce” stance. (See right here for a full listing of the shares in Jim Cramer’s Charitable Belief.) As a subscriber to the CNBC Investing Membership with Jim Cramer, you’ll obtain a commerce alert earlier than Jim makes a commerce. Jim waits 45 minutes after sending a commerce alert earlier than shopping for or promoting a inventory in his charitable belief’s portfolio. If Jim has talked a few inventory on CNBC TV, he waits 72 hours after issuing the commerce alert earlier than executing the commerce. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . 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