The Dow Jones Industrial Average fell 203.72 points, or 0.44%, to close at 46,021.43 on Thursday, March 19, 2026, extending a string of declines as persistent inflation fears and a surge in oil prices weighed on investor sentiment. The benchmark index pared steeper intraday losses, having dropped nearly 500 points at one stage, reflecting volatility driven by economic data and energy market dynamics.

The broader market finished mixed to lower. The S&P 500 declined 0.27% to 6,606.49, while the Nasdaq Composite slipped 0.28% to 22,090.69. Eight of the 11 S&P 500 sectors closed in the red, with materials, consumer discretionary and consumer staples posting the steepest losses. The Dow’s performance marked the second consecutive day of declines, contributing to a month-to-date drop exceeding 5% in some sessions earlier in March — on pace for its weakest monthly showing since 2022.

Thursday’s session followed a sharp sell-off the prior day, when the Dow plunged 768.11 points, or 1.63%, to 46,225.15 on March 18 — its lowest close of 2026 at that point — after hotter-than-expected producer price index data and Federal Reserve comments reinforced worries about sticky inflation. The index briefly breached below its 200-day moving average, a technical level watched closely by traders.

Key drivers on March 19 included renewed pressure from crude oil prices, which spiked amid supply concerns and geopolitical tensions in energy-producing regions. Higher energy costs fed into inflation expectations, prompting caution among investors. Boeing led decliners among Dow components with a 2.28% drop, followed by McDonald’s (-1.95%) and 3M (-1.63%). On the upside, Chevron gained 1.39%, Cisco Systems rose 1.15% and Goldman Sachs added 0.58%.

Futures trading early Friday, March 20, showed limited movement. Dow futures hovered near flat to slightly positive in pre-market hours, trading around 46,051 as of early Asian sessions, suggesting a subdued open. Traders awaited further economic indicators, including any follow-through from recent Fed signals on interest rates. The central bank held steady in its latest meeting but highlighted ongoing vigilance on inflation, contributing to market jitters.

The Dow’s recent volatility contrasts with earlier March strength. On March 17, the index closed at 46,993.26 after modest gains, and March 16 saw it end at 46,946.41. However, broader month-to-date performance turned negative, with the index down roughly 2-5% depending on the tracking period amid choppy trading. Year-to-date, the Dow remains positive overall but has shed ground from peaks above 50,000 earlier in the year.

Analysts attribute the pullback to a combination of factors: elevated inflation readings pressuring rate-cut expectations, energy-driven cost pressures and lingering uncertainty over global supply chains. Oil’s surge above recent levels amplified concerns that consumer spending could soften if gasoline and heating costs rise further.

Despite the downturn, some sectors showed resilience. Energy names benefited from higher crude, while certain tech and financial components held up better than expected. Volume on the New York Stock Exchange reached approximately 484 million shares for the Dow-tracking session, indicating solid participation.

Looking ahead, market participants eye upcoming data releases, including consumer sentiment surveys and any corporate earnings previews that could influence sentiment. The index’s proximity to key support levels — including the recent lows around 45,700-46,000 — will be watched closely for signs of stabilization or further downside.

The Dow Jones Industrial Average, comprising 30 blue-chip stocks, serves as a barometer for U.S. economic health and investor confidence. Thursday’s close at 46,021.43 reflects ongoing adjustments to a higher-for-longer interest rate environment and external pressures from commodities.

As trading resumes Friday, March 20, focus remains on whether the index can rebound from recent lows or extend the correction amid broader macro uncertainties. Investors continue monitoring Fed rhetoric, energy markets and inflation trends for directional cues in the near term.

Conference Call Participants

Paul Matteis – Stifel Nicolaus Canada Inc., Research Division

Presentation

CANBERRA, Australia — The Australian Taxation Office (ATO) continues to roll out detailed guidance and compliance reminders in March 2026, focusing on international tax reforms, upcoming superannuation changes and key lodgment deadlines for businesses and individuals. As the 2025-26 financial year progresses, the agency emphasizes preparation for major shifts like Payday Super starting July 1, 2026, while warning against scams and urging timely compliance to avoid penalties.

On March 12, 2026, the ATO updated its advice on how the Pillar Two global and domestic minimum tax rules apply and interact with Australia’s corporate tax system. The revisions clarify application timelines, calculations and reporting for multinational enterprises subject to the 15% global minimum tax under OECD Pillar Two. The updates, detailed on the ATO website, address transitional provisions and interactions with existing rules, helping large corporates prepare for implementation. KPMG highlighted the changes as critical for affected groups to align reporting and avoid unexpected liabilities.

The ATO’s legal database saw several new draft legislative instruments and practice statements in March. On March 18, draft rulings LCR 2026/D1 through D4 outlined aspects of Payday Super, including qualifying earnings, eligible contributions, super guarantee charge calculations and transitional rules. These drafts support the “once-in-a-generation” reform requiring super contributions closer to payday rather than quarterly, effective from July 1, 2026. The ATO finalized its first-year compliance approach in PCG 2026/1, signaling a practical, education-focused stance initially.

Practice statements PS LA 2026/D1 and D2, released March 12, address penalties for non-compliance with superannuation member account reporting and Single Touch Payroll obligations. These aim to guide administrators on penalty administration, promoting fairness while enforcing accuracy.

The end of the fringe benefits tax (FBT) year on March 31, 2026, looms as a key date. Employers who provided fringe benefits from April 1, 2025, to March 31, 2026, must prepare FBT returns, due May 21 for paper lodgers or June 25 for those using agents. The ATO has warned of common errors in work vehicle FBT reporting that could trigger scrutiny, part of its FY26 small business focus areas.

Lodgment deadlines remain a priority. Under the registered agent program, March 21 requires lodging and paying February monthly business activity statements (BAS). By March 31, certain companies and super funds with income over $2 million (excluding large/medium taxpayers) must lodge returns and pay liabilities. Consolidated group heads face similar obligations if members exceed thresholds. Individuals and trusts with prior liabilities of $20,000+ also have deadlines in this period.

The ATO stresses vigilance against scams. In February 2026, it alerted the public to cryptocurrency email frauds impersonating the ATO or myGov, demanding immediate asset declarations or threatening action. Scammers use fake letterheads and attachments containing malware. The agency reiterated it never demands crypto details via unsolicited email, threatens arrest electronically or requests payments through unknown channels. Reports of similar impersonations involving myGov, Australian Post or ACCC persist into March.

Small businesses received encouragement to reset habits early in 2026. Assistant Commissioner Angela Allen urged accurate record-keeping, timely super payments and transparency to avoid compliance actions. The ATO’s focus includes contractor income reporting, especially in construction, using enhanced data matching.

Looking ahead, the ATO prepares for broader changes. Public country-by-country reporting deadlines approach for some entities, with reports due by June 30, 2026, for periods ending June 30, 2025. Revised PAYG withholding tables take effect July 1, 2026. The transfer balance cap for superannuation rises to $2.1 million from 2026-27.

The agency provides resources like checklists for Payday Super preparation and warnings on avoidable FBT errors. Businesses closing in 2026 must cancel ABNs, lodge final returns and settle obligations to avoid issues.

As deadlines mount, the ATO promotes proactive engagement. Taxpayers can access myGov or the ATO app for updates, while professionals monitor the legal database for rulings. With compliance activity increasing via data analytics, accurate and timely actions remain essential to minimize risks.

The ATO’s March activities underscore its dual role: enforcing rules while supporting adaptation to reforms like Pillar Two and Payday Super. Australians navigating the system are advised to consult official sources and registered agents for personalized guidance.

ADELAIDE, Australia — South Australians head to the polls Saturday, March 21, 2026, for a state election widely expected to deliver Premier Peter Malinauskas and the Labor Party a historic landslide victory. Polls consistently show Labor commanding massive leads, while Pauline Hanson’s One Nation threatens to eclipse the Liberal Party as the main opposition force in a dramatic realignment of the state’s political landscape.

The election, for all 47 seats in the House of Assembly and half the Legislative Council, follows a campaign dominated by cost-of-living relief, housing affordability and regional discontent. Early voting shattered records, with more than 361,000 ballots cast by March 20 — over 28% of enrolled voters — according to the South Australian Electoral Commission (ECSA). Polling booths open 8 a.m. to 6 p.m. Saturday, with results expected to flow from 7 p.m. onward.

Multiple final polls paint a grim picture for the opposition. A Newspoll survey (March 12-18) gave Labor 40% primary vote, One Nation 22%, Liberals 16% and Greens 12%. YouGov (March 9-17) showed Labor at 38%, One Nation 22% and Liberals 19%, with Labor leading 59-41 on two-party preferred against both rivals — a potential record margin since the state’s Labor Party formed in 1891. Resolve and DemosAU polls echoed similar trends, placing Labor around 32-37% primary and One Nation ahead of or close to the Liberals.

Analysts describe the result as a “transitional moment” in South Australian politics. Emeritus Professor Clement Macintyre from Adelaide University called a strong One Nation showing a potential “slap in the face” to the major parties, particularly if it relegates the Liberals to third place on primary vote. The Liberals, led by new Opposition Leader Ashton Hurn since December 2025, face their worst historical primary result, possibly below 20%. Hurn, contesting her seat, expressed hope for an upset but acknowledged the uphill battle.

Premier Malinauskas, enjoying approval ratings above 60% in recent surveys, campaigned on free school fees, energy rebates and infrastructure promises. Labor’s pitch emphasized stability and cost-of-living support, contrasting with Liberal offers like 50-cent public transport fares. One Nation surged in regional areas with anti-establishment messaging, immigration critiques and economic populism under Pauline Hanson’s active involvement.

Controversies marked the final days. A One Nation candidate in Adelaide faced UK extradition questions over a sexual touching charge, drawing media scrutiny. Labor ramped up attacks on One Nation’s policies and funding. Pauline Hanson and Cory Bernardi faced pointed questions in McLaren Vale about promise costs and travel.

The campaign featured record candidate numbers — 388 in the lower house — driven by right-wing and independent slates. This fragmentation could influence preference flows in marginal seats, though Labor’s strong two-party lead suggests limited impact on the overall outcome.

ECSA reported smooth early voting, with innovations like telephone-assisted voting debuting for accessibility. Media alerts highlighted record turnout and special arrangements in remote areas like Coober Pedy.

Malinauskas, in power since 2022, seeks to consolidate after a strong first term. His popularity contrasts with Liberal turmoil, including former leader Vincent Tarzia’s resignation in late 2025 and internal challenges.

If projections hold, Labor could secure its largest two-party preferred vote ever, potentially challenging national landslide records. One Nation’s performance will be watched nationally as a test of its appeal beyond Queensland and New South Wales.

Voters prioritize cost-of-living pressures, housing and health amid economic strains. Final pitches from leaders emphasized these issues, with Malinauskas urging continued support and Hurn calling for change.

As polling day arrives, attention turns to turnout, preference distributions and whether independents or minors claim seats. Results will shape South Australia’s direction for the next four years, with Labor poised for dominance and the Liberals facing existential questions.

ECSA urges voters to check enrollment and bring ID if needed. Live coverage begins Saturday evening across major networks.

Geothermal energy has been around since earth’s creation and exists almost everywhere, yet harnessing its full potential has proven difficult since viable sources are often difficult to find. 

“The US has a lot of it, and most of it in the US is untapped.  It’s a tremendous sort of resource base that’s waiting for us to go after it,” Zanskar Co-founder Joel Edwards said. 

Geothermal energy is generated by the Earth’s formation and ongoing radioactive decay. It is stored beneath the surface and accessed by drilling thousands of feet underground. 

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“The great thing about geothermal energy is there’s heat underground everywhere. The deeper you go into the earth, the hotter it gets. But there are some parts, certain regions, that just have hotter rocks,” Edwards said.

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Geothermal Energy makes its way to the Earth’s surface through volcanoes, hot springs and geysers. It has been otherwise difficult to detect above ground until now. 

“We have made more discoveries in three years than the industry found in 30,” Edwards said.  

Geothermal company Zanskar is making the search for hot sources more accurate. The company has built artificial intelligence models that are able to detect geothermal resources and target them with deeper drilling.

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“We have found dozens of sites and they were either overlooked or they were just in areas where nobody had ever looked,” Edwards said. “Once we find these systems, we’re having much more success drilling into them because those models are better at sort of simulating all the possible orientations of a geothermal system.”

Historically geothermal production has carried risks of drilling into inefficient wells. There are safety risks in geothermal production and environmental concerns over air and water pollution. The uncertainty has caused delays in permitting and operational challenges. 

“What happens is you drill moderately productive wells, marginal wells, or you drill it unproductive wells. All of those failures, they get rolled up into the total cost of a project and that drives the cost of the project up,” Edwards said.

With AI helping pinpoint geothermal hot spots, companies like Zanskar are unlocking power that’s been there all along. (ZANSKAR)

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The best geothermal resources in the U.S. are located in the west, where much of the land is owned by the federal government. The Interior Department has implemented emergency permitting procedures to accelerate reviews of geothermal projects as part of President Trump’s energy agenda.  

“It takes typically like three to six, three to seven years to get these projects permitted. Luckily, in the last few years, there’s been an urgency to cut red tape,” Edwards said. “And that’s already having a material benefit for some of these earlier stage projects.” 

Artificial intelligence could also help streamline the regulatory process.

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“What we have to do is work with our federal, state, and local partners to drive those solutions that you’re talking about. We cannot think of this technology as it’s happening to us. We have to partner and utilize it just like everyone else,” Exelon CEO Calvin Butler said. “A.I. should help us all become more efficient at what we do and get better at.”

The geothermal industry has similar challenges and risks as oil and gas. The Society of Petroleum Engineers began promoting the use of A.I. as early as 2009. It has helped improve exploration, drilling and development. Studies show some of the same techniques could help geothermal production. 

“It sort of feels like where oil and gas was maybe 100 plus years ago,” Edwards said. “We didn’t know how much of it was out there and so forth. That’s what geothermal feels like. Like it just feels like we’ve barely explored for it. We’ve got a little bit of it going right now. We kind of understand it. But now the market is out there and the market’s like, we want this stuff.”

Geothermal energy is everywhere—but finding it hasn’t been easy. Now, artificial intelligence is changing the game, accelerating discoveries that once took decades. (ZANSKAR)

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As artificial intelligence helps fast track new resources, there are still concerns over its immediate impact on the electric grid. 

“It’s a challenge, but it’s a huge opportunity. And that is what we are most excited about, the opportunity to be part of this journey, this next wave of the energy transformation, because we can’t just look at it as a challenge and say, we don’t know what to do,” Butler said. “We’re partnering with our technology partners and saying, what can we do to make this a win-win for everyone?”