WSJ What’s News - What’s News in Markets: Gold Tarnishes, Not-So-Super Micro, Micron Peak?

Episode Date: March 21, 2026

Why are investors turning away from gold? And why weren’t Micron Technology’s blowout earnings good enough? Plus, why is Super Micro’s co-founder in hot water with U.S. prosecutors? Host Hannah Erin Lang discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter Learn more about your ad choices. Visit megaphone.fm/adchoices

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Hey listeners, it's Saturday, March 21st. I'm Hannah Aaron Lang for the Wall Street Journal. And this is What's News and Markets, our look at the biggest stock moves of the week and the news that drove them. Let's get to it. The vibes in financial markets did not get much better this week. There were a lot of big losers, including gold and the companies that mine the precious metal, chipmaker-micron technology in spite of its eye-popping earnings, and SuperMicro Computer, whose co-founder got on the world. wrong side of U.S. prosecutors this week. But more on that later. First, let's talk about oil,

which is really all that anyone is talking about since the war in Iran began three weeks ago. At the beginning of the week, U.S. stocks shrugged off energy concerns, rising with hopes that perhaps a coalition of countries would work together to open the Strait of Hormuz, the key thoroughfare for a fifth of the world's oil supply. But the mood shifted on Wednesday when the Federal Reserve announced its latest move on interest rates. Policymakers opted to leave rates unchanged, which is pretty much what Wall Street expected. But then, at a press conference after the decision,

Fed Chair Jerome Powell made remarks that investors didn't find very comforting. He highlighted the inflation risks posed by the war in Iran and said the central bank was in a, quote, difficult situation, end quote. That really weighed on stocks, and investors slashed their bets that the central bank would cut interest rates

at all in 2026. Combine that with news of attacks on energy infrastructure in the Middle East, and it just wasn't a very good week for markets. Brent Crude Futures, the global benchmark for oil prices, climbed 8.8% this week, and U.S. stocks ended down for the week. The Dow and the NASDAQ each fell 2.1%, while the S&P 500 dropped 1.9%. Gold has literally been a hot commodity recently,

But now the precious metal is losing its luster. Gold logged its worst week since 2011. One reason has to do with interest rates. Gold is typically a haven that investors flock to during tumultuous periods for the market. But it also thrives when rates are lower. When interest rates are higher, investors tend to ditch the metal in favor of other assets like bonds that can offer a steady income and maybe a more attractive return on investment. U.S. and European Central Banks this week.

indicated that rate reductions might not come as quickly as hoped. The energy shock from the war in the Middle East has investors and central bankers worried that inflation could accelerate and economic growth could slow. Gold has fallen seven of the past eight sessions and ended the week down 9.5%. Other precious metals also sold off this week, taking with them the stocks of mining companies, SSR mining and Newmont. For the week, SSR mining is down 9.5%. And Newmont dropped 13%.

Putting it is one of the worst performers in the S&P 500 for the week. On the AI front, Blockbuster earnings late Wednesday failed to pump up Micron technology investors this week. The memory chipmaker's second quarter results were pretty much a blowout. Revenue nearly tripled year over year, while the company's adjusted operating earnings topped Wall Street's estimates by 33%. Micron forecast stronger revenue growth for the next quarter and expect expects to earn 81 cents in gross profits for every dollar of revenue, a gross margin that is pretty eye-popping for the semiconductor industry. But that might be the problem. Wall Street

is growing more cautious about the AI trade, and business is so good at Micron that there are concerns that profitability is at or near its peak. As my colleague Dan Gallagher reported, investors are used to seeing big numbers from these kinds of tech companies. What they're missing is the assurance that it can last. Shares of Micron, which have surged more than 300% over the past 12 months, fell almost 4% on Thursday after the company reported results. For the week, shares are down 4.8%. And finally, shares of supermicro computer posted one of their biggest daily declines ever on Friday after U.S. prosecutors charged three people, including the company's co-founder, with smuggling machines with high-end Nvidia chips to China.

The stock was down roughly 30% in Friday afternoon trading. Yikes. The move in Super Micro stock erased more than $4 billion from its market value. For context, at Thursday's close, Supermicro had a market cap of roughly $18.5 billion. In an unsealed indictment, prosecutors accused the three people of helping smuggle servers into China through, quote, a tangled web of lies, obfuscation, and concealment, all to drive, sales and generate revenues in violation of U.S. law, end quote. While Super Micro wasn't named as a defendant, the company did place its co-founder on leave

after learning of his alleged role in the scheme. The company also said it placed a second employee on leave and fired a contractor. The debacle left Super Micro stock in shambles. For the week, shares lost 33%, the most of any stock in the S&P 500. And now you know what's news in markets this week. You can read about more stocks that moved on the week's news in our live markets coverage on WSJ.com. Today's show was produced by Alexis Moore

with the supervising producer, Jana Heron. I'm Hannah Aaron Lang. Have a great weekend. And see you next Saturday. Some of the best lessons don't come from a classroom. They come from experience. On The Power of Advice, a new podcast series from Capital Group,

you'll hear from CEOs, investors, and founders about how they built careers, took risks, and reinvented themselves. If you're starting your own journey, this is the kind of advice you won't want to miss. Available wherever you get your podcast. Published by Capital Client Group Inc.