Issues simply maintain getting worse for the inventory market. The S & P 500 , Nasdaq , and Dow suffered their fourth consecutive week of losses because the Iran conflict and sizzling wholesale inflation stoked financial considerations. 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 yr up to now performane The S & P 500 fell 1.5% over the previous 5 periods. 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 other way because the U.S. and Israel first attacked Iran three weeks in the past. The decline in shares has saved the market in oversold territory for 9 straight periods, based on the S & P Quick 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 optimistic 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 take a look at the three forces that drove Wall Road and our portfolio final week. Inflation considerations Inflation was on buyers’ 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 conflict began. The producer value index jumped a seasonally adjusted 0.7% over the month, means greater than Dow Jones estimates of a 0.3% improve. Hours after that, Fed Chair Jerome Powell stated that inflation wasn’t coming down as shortly as hoped. He additionally stated that the war-induced spike in oil will increase 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 amenities abroad. Shoppers are already feeling the pinch from greater fuel costs on the pump, which, as we reported on Friday, tends to make Costco fuel stations busier, with folks deciding to swing into the shop whereas they’re there. Costco sells fuel cheaper than retail costs. The additional retailer visitors boosts gross sales. Reminiscence crunch Micron delivered a blockbuster quarter on Wednesday. Income for the memory-chip maker practically 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, nonetheless, Mehrotra stated that Micron cannot ship sufficient reminiscence to main clients on account of this tightening provide. “We’re solely capable of provide, for our key clients 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 prompted a large reminiscence crunch. It is nice information for storage and reminiscence shares like Micron, which has run about 50% yr up to now after greater than tripling in 2025. However for {hardware} corporations that want reminiscence, it is a blended 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 stress from elevated reminiscence costs. The inventory has misplaced 18% yr up to now. Apple is faring higher, with its inventory down lower than 9% yr up to now. The iPhone maker grabbed share in China for the primary 9 weeks of the yr regardless of the area’s lagging smartphone market, information from Counterpoint Analysis indicated on Thursday. Analysts stated Apple was capable of entice extra clients as a result of it held the road on pricing, whereas rivals have been compelled to hike costs due to rising reminiscence prices. “Possibly this can be a signal that [Apple’s] higher [at] managing reminiscence prices versus opponents which have to boost costs,” Jeff Marks, the Investing Membership’s director of portfolio evaluation, stated 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 stated the corporate expects its Blackwell and Vera Rubin era chip orders to hit $1 trillion by means of 2027. The convention is a giant deal for buyers as a result of they typically take a look at Nvidia for indicators of what is subsequent in AI. It is not 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 not too long ago. Shares dropped 4% for the week regardless of all of the optimistic 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 couple of 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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