Alternative Investing Report - March 23, 2026

*as of 3/22, Sources: S&P, BTC, FTSE, DJRE, GOLD

The ongoing war in Iran has brought markets to a halt, with uncertainty driving investors away and upsetting the global economy. The S&P 500 fell 1.5% on Friday and is down 6.8% from its peak, while the Dow and Nasdaq are both down more than 9% from their peaks, verging on correction territory. Equities are now at their lowest levels since last fall, erasing six months of gains. Gold had its worst week since 1983, dropping 14%, despite its reputation as a safe haven asset. Crypto also had a down week, dropping 7% overall. Bond yields are rising, which in turn are causing mortgage rates to rise, disrupting the real estate market.

➨ TAKEAWAY: The war is entering its fourth week, and investors are clearly starting to panic, ditching risky assets across the board. With oil prices shooting up and the threat of inflation and Fed rate hikes looming, the longer the war goes on, the worse it may get. While the situation could lead to good opportunities for long-term investors, the uncertainty is risky, and trying to time the market is never a great idea. President Trump’s most recent 48-hour ultimatum to Iran about the reopening the Strait of Hormuz is being viewed as a possible escalation, causing Japan’s stock market to fall early Monday morning, and S&P futures to drop dramatically.

In the newest episode of Smart Humans, Slava Rubin talks with Churchill Asset Management CEO Ken Kencel about the evolution of private credit and the impact of AI on the asset class.

🚀 Defense tech IPOs: In the wake of Swarmer’s successful IPO, Crunchbase looked at other startups in the sector that could potentially go public, including prominent companies such as Anduril, Chaos, and Shield AI, and others that may be under the radar. We will cover the sector in our next pre-IPO briefing on Wednesday at 11:30 AM ET.

🏡 New home sales fall: The rate of new homes sold in January in the U.S. fell to their lowest level since 2022, dropping 17.6% monthly and 11.3% year-over-year, in part due to harsh winter conditions, and in part due to falling buyer demand. The median sale price also fell significantly, by 4.5% monthly and 6.8% year-over-year.

🎨 Middle market heating up: Artworks under $1 million made up 94% of transactions at the three major auction houses last year, and those under $50,000 made up 61.3% of the total lots sold in the U.S., up from the pre-pandemic average share of 48.2%.

🎰 Kalshi doubles valuation: The prediction market startup is raising $1 billion at a $22 billion valuation, doubling its valuation in just four months, and quadrupling it in the past year.

⚾ Judge/Ohtani $2 million card: A one of one 2025 Topps Chrome dual Logoman card featuring last year’s baseball MVPs — Aaron Judge and Shohei Ohtani — sold for $2.16 million, the 4th most ever for a modern baseball card. Three of those sales have now come in the past five months.

🤖 Fal fundraise: The AI video startup is reportedly raising $300-$350 million at an $8 billion valuation, nearly double its last valuation of $4.5 billion in December.

Tuesday: The S&P U.S. services and manufacturing Purchasing Managers' Index (PMI) data will be released.

Wednesday: The Major League Baseball season kicks off in San Francisco with a matchup between the New York Yankees and San Francisco Giants.

Thursday: Heritage’s U.S. Coins Signature auction, which runs through Saturday and features a number of six-figure gold coins.

Friday: Consumer sentiment index released; Christie’s 20th/21st Century Evening Sale in Hong Kong.

Sunday: Sotheby’s Modern & Contemporary Evening Auction in Hong Kong, featuring a Joan Mitchell painting with a high estimate of $38 million.