Weekly Outlook: Delta Earnings, Inflation Reports, and Oil Markets in the Spotlight as Iran Conflict Persists

TLDR

• This week will see the release of March CPI and February PCE reports, marking the first inflation data since the commencement of the Iran war.
• The US economy saw job growth of 178,000 in March, surpassing the anticipated 65,000.
• Oil prices have surged by over 50% since the war began, with national gasoline prices exceeding $4 per gallon.
• Delta Air Lines is scheduled to release its earnings on Wednesday, providing insight into the impact of jet fuel costs on airlines.
• All three major stock indexes concluded their five-week losing streaks, each posting gains of at least 3%.

(SeaPRwire) –   Markets are anticipating a busy week, with a focus on inflation data, corporate earnings, and the ongoing developments in the Iran war.

Last week, the S&P 500 closed up 1.6%, the Dow Jones Industrial Average gained 1.2%, and the Nasdaq Composite rose 2.2%. These gains ended a five-week period of declines for all three indexes. Year-to-date, the S&P 500 and the Dow remain down 3.8% and 3.2%, respectively.

Friday’s jobs report for March significantly exceeded expectations, with the economy adding 178,000 nonfarm payrolls, compared to the 65,000 forecast by economists. This follows a loss of 92,000 jobs in February.

Gina Bolvin, president of Bolvin Wealth Management Group, stated, “The takeaway is balance. Stronger hiring reduces the urgency for rate cuts, but it doesn’t change the broader cooling trend.”

Michael Feroli, chief US economist at JPMorgan Chase, commented that the report provided “a little more confidence that economic growth can weather the ongoing energy price shock without too much enduring damage.”

Inflation Data Takes Center Stage

Thursday will feature the February Personal Consumption Expenditures report, a key inflation indicator closely monitored by the Federal Reserve. Economists anticipate a 0.4% increase month-on-month and a 2.8% rise year-over-year.

Friday’s Consumer Price Index (CPI) report for March will be a more significant indicator. Economists project a 0.9% increase from February and a 3.4% year-over-year rise. February’s CPI showed a 2.4% year-over-year increase. This report will be the first to reflect the impact of the Iran war on prices.

According to AAA, US gasoline prices surpassed $4 per gallon nationwide last week. Goldman Sachs analyst Ben Shumway noted that rising prices are “helping push consumer confidence further downwards from already low levels.”

Andy Schneider, senior US economist at BNP Paribas, wrote that “disruption in the Strait of Hormuz has landed with tariff pass-through still in motion,” adding that “the first stage of oil price pass-through will have arrived in March.”

Goldman economist Manuel Abecasis stated that the current supply shock is “less concerning than prior episodes that caused inflation problems,” citing its limited size and scope.

Earnings and the Iran War

Delta Air Lines is set to release its earnings on Wednesday before the market opens. The airline’s results are expected to indicate how the surge in jet fuel costs is affecting the industry. Constellation Brands and Levi Strauss are also scheduled to report their earnings this week.

#earnings for the week of April 6, 2026 https://t.co/hLn2sKQhEY $APLD $STZ $AEHR $DAL $BB $SMPL $GBX $LEVI $NEOG $KRUS $SKIL $WDFC $RELL $ERGP $LOT $XELB $RPM $SLP $CLIR $EVO $IQST $BYRN $PXED pic.twitter.com/aKqX72tj9u

— Earnings Whispers (@eWhispers) April 2, 2026

FactSet reports that Wall Street analysts anticipate earnings growth exceeding 13% for the S&P 500 as a whole.

Oil prices have increased by more than 50% since the war began five weeks ago. Traffic through the Strait of Hormuz remains at near-zero levels. President Trump held a press conference on Monday with military officials as a self-imposed deadline to reopen the strait approaches.

Daniela Hathorn, an analyst at Capital.com, wrote that “markets are no longer trading the hope of de-escalation, they are trading the probability of escalation.”

Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy, noted that the temporary buffer provided by pre-war oil supplies, which had kept prices contained, is now diminishing.

The minutes from the Federal Reserve’s March meeting are also scheduled for release on Wednesday at 2 p.m. ET. Traders widely expect the Fed to maintain current interest rates at its upcoming meeting later this month.