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The month that was:
March was the worst month for the stock market since September 2022. The Dow went down by about 5.2%, the S&P 500 went down by about 5%, and the Nasdaq went down by about 4.7%. Energy was the only sector that went up.
The reason was war. On February 28th, the United States and Israel launched airstrikes on Iran, and Iran's supreme leader was killed. Iran fired missiles and drones at Israel, at U.S. military bases, and at other countries in the region. Iran also closed the Strait of Hormuz. Brent crude oil, the global benchmark, went up about 71% in March and went above $100 a barrel for the first time since 2022. Gas prices in the U.S. jumped as well. On top of that, the jobs report showed that the economy lost 92,000 jobs in February, and unemployment rose to 4.4%. The Fed kept interest rates the same on March 18th. On the last day of the month, the S&P 500 jumped almost 3% on hopes that a peace deal could be close.
In my June 2025 newsletter, I explained that the Strait of Hormuz is a narrow waterway next to Iran that about one fifth of the world's oil passes through. Last June, the fighting ended quickly and the strait stayed open. This time, Iran actually closed it, and that is why oil prices jumped so much more.
Oil prices affect almost everything. When oil goes up, gasoline, airline tickets, shipping, plastics, and fertilizer all get more expensive, and that pushes inflation higher. Families have less money left to spend on other things, and companies pay more for shipping and materials, which hurts their profits. High oil prices also make it harder for the Fed to cut interest rates, because it has to worry about inflation going back up. That is why a war that affects oil can hurt the whole stock market, not just one region.
Buys -
Bought 55 NKE at $53.04
Nike's stock has fallen back near its lowest price since 2017. Nike has been working hard on its turnaround, and the Supreme Court ruling against tariffs could help it, since it makes most of its shoes overseas. I bought a lot more shares.
Bought 15 SFM at $77.77
Bought 3 MRVL at $76.50
Bought 1 NOW at $114.29
I added to Sprouts, Marvell, and ServiceNow.
Bought 2 WSO at $364.38
Watsco is the biggest distributor of air conditioning and heating equipment in North America. Air conditioners always need to be repaired and replaced, so its business is steady. It has also raised its dividend many years in a row. I started a new position.
Sells -
Sold 19 UFPT at $195.69
Sold 3 WCN at $169.88
Sold 1 BAH at $81.75
I sold most of my UFP Technologies shares for a small loss, my newest Waste Connections shares for a small profit, and my last share of Booz Allen Hamilton.
Buys and Sells -
Bought 25 ONON at $32.92
Sold 51 ONON at $39.69
I sold 51 shares of On Holding in March. Most of them were shares I bought in 2023 at around $28, so I made a profit of about 41% on them. At the end of the month, after the stock fell further with the market, I bought 25 shares back at about $33.
Bought 19 ADBE at $275.25
Sold 31 ADBE at $242.29
Adobe kept falling, and I sold most of my shares for a loss of about 10%.
Bought 29 ORCL at $150.70
Sold 16 ORCL at $161.47
Oracle's stock has fallen by more than half from its high in September. I bought shares near its lows, and when the stock bounced after its earnings report, I sold some of my older shares, which I had bought at higher prices last year, for a loss.
Bought 24 FDS at $208.13
Sold 21 FDS at $213.14
Bought 28 BLDR at $82.64
Sold 13 BLDR at $78.84
Bought 3 SNPS at $398.71
Sold 2 SNPS at $421.08
Bought 3 CSL at $337.40
Sold 2 CSL at $325.20
Bought 1 TYL at $367.79
Sold 6 TYL at $337.72
Bought 2 MSFT at $366.85
Sold 1 MSFT at $357.63
I traded in and out of FactSet, Builders FirstSource, Synopsys, Carlisle, Tyler Technologies, and Microsoft as their prices moved up and down with the market.
Thanks for reading my newsletter!