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The stock market has only 2 catalysts

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Axios Markets

Big Tech's bloodbath could be sticky this time

A line chart that tracks the Nasdaq 100 daily from Jan. 2 to March 27, 2026. The index rose from 25,206.17 to a period high of 26,022.79 on Jan. 28, then trended lower, hitting the period low of 23,132.77 on March 27.

Nasdaq 100 index

Data: Financial Modeling Prep; Chart: Jeffrey Cane/Axios

Macro

Axios Macro

Consumers caught in triple stack of pain

Stock indexes step into correction territory

A line chart that tracks the Nasdaq Composite daily from Jan. 2, 2025, to March 26, 2026. The index fell from 19,280.79 to a low of 15,267.91 on April 8, 2025, then climbed to a peak of 23,958.47 on Oct. 29, 2025, before easing to 21,408.08.

Nasdaq Composite index

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

Wall Street bonus bonanza

A column chart that shows average Wall Street bonuses, in 2025 dollars, from 2019 to 2025. Bonuses rose from $193,400 in 2019 to a peak of $288,900 in 2021, fell to $198,800 in 2022, then recovered to $246,900 in 2025.

Average Wall Street bonus

Data: New York State Comptroller; Note: Excludes stock options and other deferred compensation; Chart: Axios Visuals

Pressure on Trump? Wall Street's got an index for that

Mysterious trading patterns follow Trump into war

A column chart showing crude oil futures trading volume per minute from 6am to 8am Eastern on March 23, 2026. At 6:49 trading volume suddenly spiked from a few hundred contracts traded per minute to almost 3,000. At 7:05 am, Trump announced the deferment of strikes on Iran.

Crude oil futures trading volume

Data: Yahoo Finance; Chart: Erin Davis/Axios Visuals

Markets surge after Trump says Iran resolution is near

Superstar companies dominate the stock market. For investors, that might be fine

A line chart that shows the share of U.S. stock market capitalization by company profitability from July 1963 to December 2025. The most profitable tercile rises from 38% to 65%, the least profitable falls from 13% to 10%, and the mid-profitable group declines from 48% to 24%.

Share of U.S. stock market cap, by company profitability

Data: Stripe analysis of data from Fama and French, Piper Sandler; Chart: Axios Visuals

Wall Street again hopes for the best

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