From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 3/12/2026
U.S. stocks opened sharply lower Thursday as escalating conflict in the Middle East drove oil prices higher and renewed concerns about energy-driven inflation. All three major averages are down over 1% in early trading. Oil briefly spiked above $100 per barrel after Iran expanded attacks on regional energy infrastructure and Iraq closed key export terminals, overshadowing the IEA’s record 400-million-barrel emergency release. Markets remain volatile as investors weigh the potential economic fallout of a prolonged conflict.
Initial jobless claims decreased by 1,000 to 213,000 for the week ended March 7. Initial claims were expected to be at 215,000. Continuing claims fell by 21,000 to 1.85 million during the week ended February 28, remaining within the range consistent with a stable labor market.
The U.S. trade deficit narrowed sharply in January, shrinking 25.3% from the prior month to $54.5?billion. Exports rose 5.5% to a record high, while imports dropped 0.7%. Revised December data showed a wider deficit of $72.9?billion.
Housing activity showed notable strength, with February housing starts rising 11.2% to a seasonally adjusted annual rate of 1.50?million units, up from January’s revised 1.35?million. Single-family starts increased 11.4% to 1.11?million. Building permits eased 1.2% to 1.46?million but still came in slightly above expectations.
Subscribe to our daily From the Desk newsletter to get economic commentaries and updated advance rates sent directly to your inbox.
Subscribe Here