The U.S. stock market experienced a powerful broad-based rally on Tuesday, March 31, 2026, as investors shook off recent volatility to drive major indexes to significant gains. Leading the charge was the technology sector, which propelled the Nasdaq Composite to one of its strongest single-day performances of the year. Market sentiment was further bolstered by a sharp decline in the CBOE Volatility Index (VIX), which plummeted over 17% to settle at 25.12, suggesting a return of investor confidence.
Major Index Performance
At the closing bell, the tech-heavy Nasdaq (^IXIC) stood as the day's clear winner, surging by 795.98 points, or 3.83%, to finish at 21,590.63. Large-cap tech names were the primary engines of this growth, with Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT) all seeing substantial buying interest.
The S&P 500 (^GSPC) also posted impressive results, climbing 184.80 points, or 2.91%, to close at 6,528.52. Meanwhile, the Dow Jones Industrial Average (^DJI) eclipsed a major milestone, gaining 1,125.37 points, or 2.49%, to end the session at 46,341.51. Small-cap stocks joined the fray as well, with the Russell 2000 (^RUT) advancing 3.51% to 2,498.62.
In the commodities and fixed-income markets, Gold Futures (GC=F) saw a massive spike of 3.39%, reaching a staggering $4,712.40 per ounce. Conversely, Crude Oil Futures (CL=F) retreated slightly, falling 0.89% to $101.96 per barrel. The 30-year Treasury yield (^TYX) eased slightly to 4.891%.
Sector Highlights and Corporate News
The day was marked by explosive moves in specific niche sectors. The Cannabis sector, represented by the AdvisorShares Pure US Cannabis ETF (MSOS), skyrocketed 13.13%, marking a "Bearish Squeeze Breakout" according to technical indicators. Biotech stocks also outperformed, with the SPDR S&P Biotech ETF (XBI) rising 7.40%.
Individual stock news was dominated by Apellis Pharmaceuticals Inc. (APLS), which saw its stock price soar by an incredible 136.4% on high volume. Other significant gainers included Classover Holdings Inc. (KIDZ), up 76.6%, and Centessa Pharmaceuticals plc (CNTA), which gained 45.2%. On the downside, PepGen Inc. (PEPG) suffered a sharp decline, losing 52.5% of its value.
In the mega-cap space, Tesla (TSLA) and Alphabet Inc. (GOOGL) contributed to the Nasdaq's momentum as investors rotated back into growth equities. However, the energy sector faced headwinds; the Energy Select Sector SPDR Fund (XLE) dropped 1.85%, and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 2.30%, mirroring the slight dip in crude prices.
Earnings and Upcoming Events
The earnings calendar was busy today. Before the opening bell, McCormick & Company Incorporated (MKC) reported Q1 2026 earnings with an estimated EPS of $0.61. TD SYNNEX Corporation (SNX) and FactSet Research Systems Inc. (FDS) also released their quarterly results.
All eyes are now turning to the after-hours session, where retail giant Nike Inc. (NKE) is scheduled to report its Q3 2026 results. Analysts are looking for an EPS of $0.29. Other notable companies reporting after the close include PVH Corp. (PVH), RH (RH), and nCino Inc. (NCNO).
Looking ahead to Wednesday, April 1st, the market will brace for early morning reports from ConAgra Brands Inc. (CAG) and Cal-Maine Foods Inc. (CALM). Investors will also be monitoring upcoming economic data for further clues regarding the Federal Reserve's trajectory on interest rates and inflation management as the second quarter begins.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.