March 9, 2026
Markets and rates
U.S. equities sold off as geopolitical risk, higher oil prices, and weaker data pushed investors toward safer assets. The S&P 500 fell about 2% for the week, the Dow lost roughly 3%, the Nasdaq declined about 1.2%, and the Russell 2000 dropped 4.1%. On one trading day, the S&P 500 fell 1.3%, the Dow dropped 453 points, and the Nasdaq declined 1.6%.
February CPI was close to expectations. Headline CPI rose 0.3% month over month and 2.4% year over year. Core CPI rose 0.2% for the month and 2.5% year over year. Oil briefly moved above $100 per barrel after the U.S.-Israel attack on Iran, which reduced expectations for near-term Fed cuts and pushed short-term Treasury yields higher.
Amazon debt and LNG stress
Amazon announced plans to raise $37 billion to $42 billion through a major corporate bond sale with dollar and euro tranches and maturities from about two years to 50 years. The company is using debt to fund AI infrastructure, including data centers and computing capacity. The offering reportedly drew about $126 billion in orders and helped drive a record $66 billion of investment-grade bond issuance in one day.
LNG became a separate stress point. Roughly 20% of global LNG exports move through the Strait of Hormuz, with much of the supply tied to QatarEnergy's Ras Laffan complex. After Iranian drone strikes on March 2, Qatar stopped output, removing nearly a fifth of global LNG supply overnight. European gas prices rose 63% during the week, the largest weekly gain since Russia invaded Ukraine in 2022. Asian LNG traded at $23.40 per million British thermal units.
Deals and company updates
Cintas agreed to acquire UniFirst for $5.5 billion in cash and stock. UniFirst holders are set to receive $155 in cash plus 0.772 Cintas shares for each UniFirst share, equal to about $310 per share based on Cintas's March 9 close. UniFirst shares rose 7.8% on March 11, while Cintas shares fell 1.4%.
The combined company will serve about 1.5 million businesses across North America. Cintas expects the deal to lift earnings by the second full year after closing and produce about $375 million in operating cost cuts. Cintas generated roughly $10 billion in revenue in its latest fiscal year, while UniFirst reported about $2.4 billion.
Vertex also reported progress outside cystic fibrosis. Its kidney drug povetacicept passed a final trial, cutting a key marker of kidney damage by 52%. CRISPR Therapeutics remained tied to Casgevy, the first approved U.S. gene-editing therapy, priced at $2.2 million for a one-time sickle cell treatment.