Wall Street is witnessing a historic rally today, Tuesday, March 31, 2026, as major indexes surge to close out the first quarter with significant momentum. Investors are shrugging off recent volatility, fueled by a massive breakout in the technology sector and a sharp decline in the "fear gauge," the CBOE Volatility Index (^VIX), which plummeted 17.51% to 25.25. The shift in sentiment suggests a renewed appetite for risk as the market prepares for a fresh batch of economic data and high-profile corporate earnings.
Major Market Indexes Performance
The tech-heavy Nasdaq Composite (^IXIC) is the day's standout performer, soaring 795.99 points, or 3.83%, to reach 21,590.63. This rally is being driven by heavyweights in the semiconductor and software sectors, as investors double down on artificial intelligence and growth prospects. The S&P 500 (^GSPC) followed suit with a robust gain of 2.91%, climbing 184.80 points to 6,528.52. Meanwhile, the Dow Jones Industrial Average (^DJI) added 1,125.37 points, a 2.49% increase, to sit at 46,341.51.
Small-cap stocks are also participating in the broad-based buying spree, with the Russell 2000 (^RUT) rising 3.41% to 2,496.37. In the fixed-income market, the 30-year Treasury Yield (^TYX) saw a slight retreat, falling 0.29% to 4.8910. This cooling of yields has provided the necessary breathing room for growth stocks to lead the market higher.
Sector Highlights and Commodity Movements
The cannabis sector is today’s top-performing industry, with the AdvisorShares Pure US Cannabis ETF (MSOS) skyrocketing 13.13% amid renewed legislative optimism. Biotech stocks are also seeing intense interest, as the SPDR S&P Biotech ETF (XBI) jumped 7.40%. In the metals space, Gold Futures (GC=F) surged 3.08% to $4,697.90, while the Junior Gold Miners ETF (GDXJ) rose 7.09%, indicating a strong hedge against potential currency fluctuations despite the equity rally.
Conversely, the energy sector is facing headwinds. Crude Oil Futures (CL=F) dropped 1.41% to $101.43 per barrel, dragging down the Energy Select Sector SPDR Fund (XLE) by 1.85% and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) by 2.30%.
Corporate News and Market Movers
Individual stock news was dominated by a massive premarket move from Apellis Pharmaceuticals Inc. (APLS), which saw its stock price climb 136.4% to $40.40 on heavy volume. Centessa Pharmaceuticals plc (CNTA) also posted impressive gains of 45.2%.
In mega-cap tech, Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT) are all trading significantly higher, contributing to the Nasdaq's outperformance. Tesla (TSLA) and Alphabet (GOOGL) are also seeing strong buy-side pressure as the quarter draws to a close.
Earnings Spotlight and Upcoming Events
The earnings calendar is busy today. Before the opening bell, McCormick & Company Incorporated (MKC) reported Q1 results, while FactSet Research Systems Inc. (FDS) and TD SYNNEX Corporation (SNX) also updated investors on their fiscal performance.
As the market approaches the 4:00 PM ET close, all eyes are on the after-hours reports. Nike Inc. (NKE) is the most anticipated release, with analysts looking for Q3 EPS of $0.29. Other notable companies reporting after the close include PVH Corp. (PVH), luxury retailer RH (RH), and cloud banking firm nCino Inc. (NCNO).
Looking ahead to tomorrow, Wednesday, April 1st, the market will digest morning reports from ConAgra Brands Inc. (CAG), MSC Industrial Direct Company Inc. (MSM), and Cal-Maine Foods Inc. (CALM). Investors will also be monitoring upcoming economic data for signals on the Federal Reserve's next move regarding interest rates and inflation management.
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.