WSJ Your Money Briefing What’s News in Markets: Gold Tarnishes, Not-So-Super Micro, Micron Peak?
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Mar 21, 2026 Investors pull back from gold even with geopolitical risks. Micron posts huge earnings yet traders worry AI-driven gains may be peaking. Super Micro’s co-founder faces U.S. legal trouble and the stock tumbles. Markets react to oil risks around the Strait of Hormuz and shifting Fed expectations.
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Fed Comments And Middle East Risk Hurt Markets
- Markets flipped from calm to risk-off after the Fed signaled a 'difficult situation' with inflation amid the Iran war.
- Brent crude jumped 8.8% as attacks and supply worries coupled with Fed comments to push stocks lower.
Gold's Rally Unravels As Rates Outlook Shifts
- Gold's rally reversed sharply as investors priced in prolonged higher rates rather than safe-haven buying.
- Gold fell 9.5% in the week after central banks signaled slower rate cuts and energy shocks raised inflation concerns.
Why Higher Rates Hurt Precious Metals
- Higher interest rates reduce gold's appeal because investors can get income from bonds instead of holding bullion.
- Central banks' slower rate-cut signals plus energy-driven inflation fears forced precious metals and miners down sharply.