MARKET WRAPS
STOCKS: Stocks slumped as the Iran war dragged on and oil prices continued to rise.
TREASURYS: Treasury yields were mixed, but finished the week sharply higher, amid mounting inflation fears.
FOREX: The U.S. dollar added to recent gains on inflation worries.
COMMODITIES: Oil futures rose, and the U.S.-traded contract closed on the cusp of $100 a barrel, as President Trump's latest pause on striking Iran's energy infrastructure did little to calm nerves over tightening global supplies nearly one month into the Middle East conflict.
HEADLINES
Market Dive Points to Wall Street's Growing Alarm Over Iran War
Wall Street is trading like the worst pain from the war with Iran is yet to come.
For weeks, while missiles and drones flew around one of the world's key energy-producing regions, investors' hopes for a quick resolution buffered stocks from steep declines. A selloff in bonds stayed in line with past conflicts. A run-up in crude futures appeared to lag far behind the scope of a disruption that could be the most severe oil shock in history.
But an intensifying rout in recent days pulled the S&P 500 down for a fifth straight week to its lowest levels since August and dragged the Dow Jones Industrial Average and Nasdaq composite into correction-off more than 10% from their recent highs. President Trump's latest social-media post on potential off-ramps from a wider war wasn't enough to arrest crude prices' climb Friday, a sign that oil traders are increasingly bracing for more turbulence ahead.
Trump Takes Executive Action to Pay TSA Workers as Funding Stalls in Congress
WASHINGTON-President Trump directed federal officials to pay Transportation Security Administration workers, bypassing a gridlocked Congress after the latest proposal to fund the broader Department of Homeland Security ran aground Friday.
The move, which Trump had previewed a day earlier, came as House Republican leaders rejected a Senate-passed bill that would fund most of DHS, including the TSA. A long-running standoff in Congress over immigration enforcement and funding has led to missed paychecks for airport security workers and long lines for travelers.
The executive action instructs the Homeland Security secretary and the White House budget director to use federal funds that have a "reasonable and logical nexus to TSA operations" to pay TSA workers. The memo, signed by Trump on Friday afternoon, described the situation at the country's airports as an "unprecedented emergency."
Consumer Sentiment Declined in March, Michigan Survey Shows
March was the grimmest month of the year so far for consumers' economic sentiment as the Iran war raised gasoline prices and dented the stock market, the University of Michigan's latest monthly survey found.
The survey's headline sentiment index decreased to 53.3, from 56.6 in February. Economists polled by The Wall Street Journal were expecting a reading of 54.
A preliminary March reading, released two weeks ago, had shown the sentiment gauge at 55.5. But uncertainty about the course of the war and higher prices at gas stations have continued to darken consumers' mood in the weeks since, said Joanne Hsu, the survey's director.
Novartis to Buy Allergy-Drug Developer Excellergy for Up to $2 Billion
Novartis said it agreed to buy biotech company Excellergy for up to $2 billion, adding a new approach to treat allergic diseases to its immunology pipeline.
The Swiss pharmaceutical company said Friday that the deal for privately held Excellergy brings in a drug candidate in early-stage trials with potential to complement its existing allergy portfolio.
The Excellergy purchase is the latest in a series of acquisitions by Novartis in recent months, as the company turned to dealmaking to fill its drug pipeline and offset patent expirations. It follows Novartis's agreement last week to buy a breast-cancer drug candidate from Synnovation Therapeutics for up to $3 billion, and other recent deals that gave it access to experimental medicines to treat neuromuscular, cardiovascular and renal diseases.
Meta Agrees to Fund Local Energy Infrastructure for Louisiana Data Center
Meta Platforms agreed to a deal with Entergy Louisiana through which it will pay for new energy infrastructure to support its massive data center in Northeast Louisiana.
Meta will fund seven new natural gas power plants totaling more than 5,200 megawatts, 240 miles of 500 kilovolt transmission lines and battery energy storage across three locations.
Meta also committed to help fund up to 2,500 megawatts of new renewable resources and agreed to a memorandum of understanding to explore the future development of nuclear power.
Fed's Barkin Says Iran War Is Raising Economic Uncertainty
Richmond Fed President Thomas Barkin said that the Iran war has complicated the economic outlook, carrying risks for ongoing inflation and consumer demand.
Speaking at an economics meeting in Johnson City, Tenn., Barkin said that amid a long stretch of elevated uncertainty, holding interest rates steady in March was the right move.
"With risks to both the labor market and inflation, and the outlook foggy, it felt prudent to hold rates and await more clarity on how we should be leaning to best support the economy going forward," Barkin said, according to a published text of his remarks.
Carnival Cuts Profit Outlook as Higher Fuel Costs Offset Resilient Demand
Carnival cut its full-year profit outlook, saying a spike in fuel costs will more than offset record bookings and continually strong demand in the recent quarter.
The cruise line said Friday that recent geopolitical events have caused fuel prices to surge, accounting for roughly $500 million in additional costs compared with its previous forecast.
The outlook comes as escalating conflict in the Middle East has largely shuttered traffic through the Strait of Hormuz and led some Gulf oil producers to cut production as their facilities come under attack, sending futures for Brent crude sharply higher.
Norwegian Cruise Line to Overhaul Board After Truce With Elliott
Norwegian Cruise Line Holdings said it will reshape its board after reaching a truce with activist Elliott Investment Management, as the cruise operator works to address operational missteps that have weighed on performance.
The cruise operator said Friday it will appoint five new independent directors including Alex Cruz, former chief executive of British Airways, and Kevin Lansberry, who previously served as finance chief for Disney's Experiences division.
Four current directors will step down as part of the changes. Chief Executive John Chidsey will take on the additional role of chairman, while Cruz will serve as lead independent director.
CrossCountry Mortgage to Acquire Two Harbors
Two Harbors Investment accepted an improved acquisition bid from CrossCountry Mortgage, backing out of its previous merger agreement with UWM Holdings.
CrossCountry agreed to acquire Two Harbors for $10.80 a share in cash, compared with its prior bid of $10.70 a share. CrossCountry also agreed to pay the $25.4 million termination fee that Two Harbors owes UWM for ending the companies' agreement.
Holders of Two Harbors Series A, Series B and Series C preferred stock are slated to have their shares redeemed at $25 per share, plus any accumulated and unpaid dividends.
TALKING POINT Is the Middle East Still Investible? Gulf Leaders Say So.
MIAMI-The Iran war has cast a shadow over the recent momentum of investors and asset managers flocking to the Middle East as the region tried to diversify beyond energy.
However, the message this week from Gulf leaders at a summit in Miami, Fla., was that the Gulf countries are resilient-and could emerge from this conflict an even more attractive destination for investors.
The Future Investment Initiative Priority summit, backed by Saudi Arabia's sovereign wealth fund, drew financial titans, start-ups, and former and current officials in the Trump administration-including former Treasury Secretary Steven Mnuchin and Trump's special envoys Jared Kushner and Steve Witkoff, both of whom have been negotiating with Iran. President Donald Trump is slated to close out the summit Friday late afternoon.
Attendees took note of the in-person appearances of Gulf leaders despite the disruptions created by the Iran war-which include the Iranian government retaliating with attacks on Gulf gas infrastructure and data centers, as well as blocking the Strait of Hormuz. Their presence underscored a message of resilience as the Middle East tries to diversify beyond energy into technology, gaming, tourism, pharmaceuticals, and more.
Saudi Arabia's Public Investment Fund, the fifth largest sovereign-wealth fund, has invested about $170 billion in the U.S. since 2017. "Now, we are in a state where we want to bring the whole world to come and invest in Saudi," said Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, adding that the investment doesn't have to be just in the form of equity or joint ventures, but could take other shapes, as well.
Of course, the pitch to draw investors comes at a time the Gulf has been pulled into the Iran conflict, with missiles and drones targeting Riyadh and Dubai, striking United Arab Emirates ports, damaging residential apartments in Dubai, and forcing airlines to restrict flights to a region that has become a major tourism hub.
Attendees noted the in-person showing of many Gulf leaders, who stressed the region's resilience and signaled a push to work together.
--Reshma Kapadia, Barron's
Expected Major Events for Monday
08:00/ITA: Feb PPI
08:00/GER: Mar Bavaria CPI
08:00/GER: Mar North Rhine Westphalia CPI
08:00/GER: Mar Saxony CPI
08:00/GER: Mar Brandenburg CPI
08:00/GER: Mar Hesse CPI
08:00/GER: Mar Baden-Wuerttemberg CPI
08:30/UK: Feb Monetary & Financial Statistics
08:30/UK: Feb Bank of England effective interest rates
08:30/UK: Feb Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
12:00/GER: Mar Provisional CPI
14:30/US: Mar Texas Manufacturing Outlook Survey
17:59/UK: REC JobsOutlook survey
17:59/UK: Feb Adzuna UK Job Market Report
19:00/US: Feb Agricultural Prices
23:01/UK: Mar Shop Price Monitor
23:30/JPN: Mar CPI (Tokyo), CPI ex-Food (Tokyo)
23:30/JPN: Feb Labour Force Survey
23:50/JPN: Feb Preliminary Retail Sales
23:50/JPN: Feb Preliminary Industrial Production
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Expected Earnings for Monday
ASP Isotopes Inc (ASPI) is expected to report $-0.17 for 4Q.
AirJoule Technologies Corp $(AIRJ)$ is expected to report for 4Q.
American Hotel Income Properties REIT LP (HOT.UN.T) is expected to report for 4Q.
Americas Gold & Silver Corp (USA.T,USAS) is expected to report for 4Q.
Annexon Inc $(ANNX)$ is expected to report $-0.31 for 4Q.
Aqua Metals Inc $(AQMS)$ is expected to report for 4Q.
Bicara Therapeutics Inc (BCAX) is expected to report for 4Q.
Brainstorm Cell Therapeutics Inc (BCLI) is expected to report for 4Q.
CASI Pharmaceuticals Inc (CASI) is expected to report for 4Q.
CVD Equipment Corp $(CVV)$ is expected to report for 4Q.
Cyclerion Therapeutics Inc $(CYCN)$ is expected to report for 4Q.
Fathom Holdings Inc (FTHM) is expected to report $-0.14 for 4Q.
Galectin Therapeutics Inc (GALT) is expected to report for 4Q.
Genie Energy Ltd $(GNE)$ is expected to report $0.07 for 4Q.
High Arctic Energy Services Inc (HWO.T) is expected to report for 4Q.
HireQuest Inc $(HQI)$ is expected to report $0.11 for 4Q.
Intellinetics Inc $(INLX)$ is expected to report for 4Q.
KALA BIO Inc (KALA) is expected to report for 4Q.
Kartoon Studios Inc (TOON) is expected to report for 4Q.
LGL Group Inc (LGL) is expected to report for 4Q.
LanzaTech Global Inc (LNZA) is expected to report for 4Q.
Lulu's Fashion Lounge Holdings Inc $(LVLU)$ is expected to report for 4Q.
Mannatech Inc $(MTEX)$ is expected to report for 4Q.
New Fortress Energy Inc (NFE) is expected to report $-0.47 for 4Q.
Northern Dynasty Minerals Ltd (NAK,NDM.T) is expected to report for 4Q.
Odyssey Marine Exploration Inc $(OMEX)$ is expected to report for 4Q.
PDS Biotechnology Corp (PDSB) is expected to report for 4Q.
Phreesia Inc $(PHR)$ is expected to report $0.06 for 4Q.
Progress Software Corp $(PRGS)$ is expected to report $0.51 for 1Q.
Reading International Inc (RDI) is expected to report $0.10 for 4Q.
Ryvyl Inc $(RVYL)$ is expected to report for 4Q.
Sangamo Therapeutics Inc (SGMO) is expected to report $0.01 for 4Q.
Siebert Financial Corp (SIEB) is expected to report for 4Q.
Solana Co (HSDT) is expected to report for 4Q.
Spruce Power Holding Corp $(SPRU)$ is expected to report for 4Q.
Traws Pharma Inc (TRAW) is expected to report for 4Q.
TruBridge Inc $(TBRG)$ is expected to report $0.34 for 4Q.
Tvardi Therapeutics Inc (TVRD) is expected to report for 4Q.
Virgin Galactic Holdings Inc $(SPCE)$ is expected to report for 4Q.
Vislink Technologies Inc (VISL) is expected to report for 4Q.
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March 27, 2026 16:37 ET (20:37 GMT)
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