Good morning.

Will this ever end?

Markets are pulling back again today and threaten to reach their 5th consecutive week of decline.  Even so, hope is that hostilities will soon end with the U.S. claim that … according to their plan … things are moving “ahead of schedule.”

Many are waiting for the oil markets to agree, as Brent crude again reached $110/barrel and AAA reports average national gas prices to be $3.98 while diesel is at $5.38 … both short of records seen in mid-2022.  Still, the administration shares the belief that such rises are only temporary and, in fact, have not moved as high as the President anticipated.

While we didn’t need to see it, there was one scary note about oil in addition to the “it is closed” or “it is open” confusing and contradictory communications being reported.  Bloomberg is reporting that a lesser (though sizable) amount of oil comes through another Strait … which leads into the Red Sea … and if this comes under attack, more supply would be affected.

Another question entering the minds of traders has to do with AI (especially with the tremendous build-up of AI data centers) … for as the usage of AI soars … so does the skepticism over its rate of ascent … its profitability … and its apparent effects on the electric grids.

But at least there is one bit of good news to report …

… just as I was writing, a note popped up that the Senate passed a bill which will allow TSA agents to get paid.  Of course, it still needs to go to the House … but is a very positive development.  One question though, that will come up regards those agents who actually “quit” … for which CNN reports a number nearing 500.  We’ll soon see if they are invited back.

That should about wrap it up for me today … as I watch a stock market that just doesn’t seem as if it wants to move upward.

… and for those who sent quick notes asking about how my round of golf went Wednesday …

… all I can say is that compared to my golf game, the war in Iran is going better.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | March 27, 2026 As of 11:10 AM today … Investors today continue to worry about the situation in Iran the subsequent effects on the price of oil (CNBC) https://www.cnbc.com/2026/03/26/stock-market-today-live-updates.html   … and the “higher beta” Nasdaq stocks moved into correction territory as the landscape, once this is over, is quite uncertain (NBCNews) https://www.nbcnews.com/business/markets/stocks-oil-prices-trump-us-iran-talks-rcna265263   … while there are increasing worries about recession … which Moody’s recently put as just about a coin flip … a place we don’t want to be (CNBC) https://www.cnbc.com/2026/03/25/recession-odds-climb-on-wall-street-as-economy-shows-cracks-beneath-the-surface.html   How might all this affect the labor market?  Um … the news here is not so good … as Goldman Sach feels this might cost the U.S. 10,000 jobs a month (BusinessInsider) https://www.businessinsider.com/job-market-outlook-oil-prices-economic-impact-goldman-sachs-2026-3   Finally … there is one bit of good news to report … as it seems Congress is finally coming up with a solution to getting TSA agents paid. But what about those who quit? (NPR) https://www.npr.org/2026/03/27/g-s1-115366/senate-dhs-tsa-deal   There is so much to write about with the war – employment, stocks, economics, world domination … that one area gets lost in the shuffle … the environment. And effects here are sad (APNews) https://apnews.com/article/iran-war-environmental-destruction-health-risks-8a2fd4fa7e2f96686bc6559e2dade93c The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.