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Welcome back to the Rundown for another weekend deep dive.

Today, we are doing something a little different.

We're looking back at Q1 and doing a full market recap.

Q1 of 2026 might go down as one of the wildest first quarters in recent memories.

Stocks had their worst quarter in four years.

Tech and Magnificent Seven stocks got crushed, not to mention a war broke out in the Middle East, sending oil prices surging.

So in today's episode, we're gonna break down what happened in Q1, highlight some of the biggest winners and losers, and talk about what all this might mean for the rest of 2026.

We got a great one for you today.

Let's dive in.

Before we get into the winners and losers, let's first start with the big picture because Q1 was really a tale of two halves.

January started off pretty decent.

The S&P 500 actually hit all-time highs a few times to start the year, building off a strong 2025 where the index was up over 16%.

The general consensus on Wall Street was that 2026 would be another solid year for stocks driven by AI spending and strong earnings.

Well, then by February, things started to unravel.

First, there was growing anxiety around software companies being disrupted by AI.

In late January, Anthropic launched Cloud Code, which was a tool designed to automate the kind of work that people normally use software subscriptions for.