Monday Morning Must-Knows - March 23, 2026

Monday Morning Must-Knows by Trading Academy

March 23, 2026

Iran Tensions Shake Markets as SMCI Faces Federal Investigation Over NVIDIA Chips

Merlin Rothfeld breaks down a week loaded with geopolitical risk and market volatility. The Iran conflict is intensifying around the Straits of Hormuz, and the fallout is hitting equities hard. The S&P started rolling over last week for the first time in months, and SMCI got hit with a federal investigation for selling banned NVIDIA chips to China. Seven central banks issued rate decisions last week, with only Australia raising rates. Merlin is now on the record calling for zero rate cuts this year and a possible rate hike.

On the earnings front, 621 companies report, but the big names are thin. GameStop, KB Homes, Cintas, Paychex, Chewy, and Carnival Cruise Line are the highlights. Global services and manufacturing data drops Friday from France, Germany, the EU, England, and the US. Merlin recommends scaling back position sizes until volatility settles down.

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