By George Glover

Most stocks have struggled since the Iran War began, sparking a sharp surge in oil prices that has battered parts of the market.

But the conflict has flipped the script for some of 2026's worst performers.

Take CrowdStrike. Over the first two months of the year, shares in the cybersecurity company cratered 21%, wiping out $24 billion in market value. The stock is up 15% this month, through Friday's close, after the first U.S. strikes on Iran were launched on the final day of February.

For now, the conflict in the Middle East appears to have halted the great rotation.

Software stocks took a beating at the start of 2026 as investors panicked about the disruption that artificial intelligence's rapidly advancing coding abilities could cause. But since the U.S. and Israel first struck Iran, the market has piled back into the beaten-down sector.

To find names that can endure the disruption caused by the war, Barron's identified a list of S&P 500 members that closed in the green every session last week -- the five full trading days since the conflict began.

CrowdStrike wasn't the only software stock that achieved the feat. Palo Alto Networks is up 10.8% this month, having slumped 19% over the first two months of 2026.

Software stocks Automatic Data Processing, Intuit, Paychex, Paycom Software, Roper Technologies, and ServiceNow also rose for five straight sessions. It's a sign that the market has parked some of its AI fears for now, rotating back into a sector that isn't vulnerable to surging energy prices.

No oil or defense stocks made the list. Those sectors stand to benefit most from a drawn-out war, but they could also slump if there's a quick resolution to the conflict.

Fintech Broadridge Financial Solutions, broadcaster Fox, chemical company LyondellBasell Industries, and financial data provider S&P Global also rose every session last week. (Fox and Barron's parent News Corp. share common ownership.)

None of those stand out as obvious defensive plays -- but the surprising list does sum up how the crisis in the Middle East has turned the stock market on its head.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

March 09, 2026 09:07 ET (13:07 GMT)

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