Weekly Market Update – March 2, 2026

Price Return Last Week

S&P 500  (0.4%)  S&P Mid Cap  (0.9%)    Russell 2000  (1.2%) 

MSCI EAFE +1.2%     MSCI EM +2.8%  

10 Yr US Treasury Rate – fell from 4.09% to 3.96%

Source: Refinitiv Eikon

---

Recent News

U.S. Attacks Iran – U.S. and Israeli forces attacked Iran over the weekend leading to the death of Iran’s Supreme Leader Ayatollah Ali Khamenei.  President Trump had previously expressed frustration with Iran’s refusal to cease attempts to build a nuclear weapon.  After the attacks he called on the Iranian people to take advantage of the opportunity and try to bring down the Iranian regime.  In response to the attacks, Iran launched missiles and drones at U.S. and Israeli bases, as well as several international airports.  Iran’s next leader will be selected by a group of 88 men, known as the Assembly of Experts.  The stock market was down modestly Monday morning.  Oil prices were up over 5% and the iShares US Aerospace & Defense ETF rose approximately 2%. 

Source: Refinitiv Eikon, The Wall Street Journal

Q4 Earnings Results – As of Friday, 96% of companies in the S&P 500 have reported earnings.  The aggregate earnings growth rate (year-over-year) thus far is 14.2% with the earnings growth of the “Magnificent 7” companies reported at 27.2%, above the 18.4% seen in the previous quarter.  The blended earnings growth for the remaining 493 S&P 500 companies is 9.8%.  Analysts expect “Magnificent 7” companies to continue to report strong earnings growth in 2026 with estimates for growth at 23.5%.  Analysts also expect a slight increase in overall S&P 500 earnings in 2026, rising to 15.0% at year-end.

Source: FactSet

10-Year Treasury Yield Falls Below 4% - For the first time since November 2025, the 10-Year US Treasury fell below 4%.  The drop was short lived with bond yields rising modestly on Monday following the attacks on Iran.

Source: Refinitiv Eikon

Mortgage Rates Fall Below 6% - Mortgage rates on a 30-year fixed mortgage fell below 6% for the first time since 2022.  A year ago, rates were at approximately 6.9%.  The Mortgage Bankers Association reports that applications for home loan refinancing are up 130% compared to a year ago.

Source: CNBC.com

Soldier Field Renovation – The Chicago Park District released their proposal to renovate Soldier Field from a football stadium to a year-round concert and special events venue.  The proposal was estimated to cost $630 million and would include improvements to the sound system, stadium amenities, and nearby roads and infrastructure.  Soldier Field is the largest non-tax revenue source for the Chicago Park District with the majority of revenue coming from concerts.  The Bears represent less than 20% of Soldier Field revenue.

Source: CBS Sports, Chicago Tribune

---

Upcoming Events

3/2 – S&P Manufacturing PMI

3/3 – Notable Earnings Reports: Target, CrowdStrike

3/4 – S&P Services PMI, ISM Non-Manufacturing PMI, Notable Earnings Reports: Broadcom

3/5 – Notable Earnings Reports: Kroger

3/6 – Retail Sales, Jobs Report

Source: Refinitiv Eikon

This material is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA).  Indexes are unmanaged, not investable, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.