Markets sell off as Mideast conflict shows no sign of ending

The S&P 500, Nasdaq 100, and Russell 2000 all fell while oil rose

Your Evening Briefing March 26, 2026 Markets sell off as Mideast conflict shows no sign of ending All three major US indexes fell on Thursday with the Nasdaq composite officially falling into a correction as the markets reacted to waves of news from the conflict in the Middle East that raised doubts that a ceasefire would happen. The selloff accelerated following a cabinet meeting in which President Trump said that Iran needed to make a deal or the US would "just keep blowing them away" and news that Iran saw the US' exit proposal as "one-sided and unfair." Thursday was the worst day for stocks since the start of the war with Iran. The S&P 500 dropped 1.7% and the Nasdaq 100 fell 2.4%. All sectors ended the day in the red except Energy, with US oil futures rising above $94. Stocks moving higher: Energy stocks outperformed, with refiners and marketers like Valero and Phillips 66 expected to benefit from higher oil prices. Natural gas producers APA Corporation, EOG Resources, and Diamondback Energy also posted healthy gains. Ethanol-exposed companies Rex American Resources and Green Plains climbed following the Trump administration's move yesterday to waive summertime limitations on the sale of E15 gas. As the DHS shutdown drags on, resulting in some excruciating airport wait times, rental car companies Avis and Hertz are getting a boost. Mortgage firm Better Home & Finance surged on the launch of a new product allowing crypto-backed mortgages through Fannie Mae. Stocks moving lower: Super Micro Computer sank on news that shareholders are suing the company, alleging securities fraud around China chip smuggling. Meta and Google fell following Wednesday's landmark decision that found the two tech giants liable in a social media addiction case. Memory stocks like Sandisk, Seagate Technology Holdings, and Western Digital fell for a second straight day after Google announced details of a new algorithm called TurboQuant that could lower the amount of memory needed for AI operations. Optics stocks including Ciena Corp. and Corning dove. Construction and engineering companies that have been feasting on the data center boom, like Quanta Services, Comfort Systems USA, and Emcor, also fell. How record wait times at US airports are sending one app soaring Demand for Clear Secure services are surging as travelers look to bypass TSA lines. Read more. The peptide gold rush: How impending deregulation could supercharge a shadow industry Peptides, the gray-market supplements that have flooded Silicon Valley, may soon make their way into the mainstream. Who stands to benefit? Read more. According to the American Automobile Association, the national average price for a gallon of regular gas is up $0.10 from the previous week and up $1 since last month. AAA reports that there was a steep rise from $2.98 on February 26 to $3.98 as of March 26. Read more. Sen. Sanders and Rep. Ocasio-Cortez introduce data center moratorium bill Following local communities and state actions, the bill proposes a ban on new data center construction until AI regulation is enacted.  $14 billion of bitcoin options expire tomorrow, but geopolitical tensions remain key driver of volatility The expiries create a gravitational pull in the days leading up to them as market makers hedging their books push bitcoin's price toward "max pain." For the first time, Fannie Mae will allow mortgages to be backed by crypto Potential homebuyers can pledge their cryptocurrencies as down payment collateral when getting a mortgage backed by Fannie Mae. RIP ChatGPT-XXX The planned ChatGPT "adult mode" is the latest side quest to be scrapped as OpenAI tries to focus on enterprise features.  Wait, just how addicted to Facebook and YouTube are Americans today? While a jury found both Meta and Alphabet have designed addictive apps, usage among US adults has dropped off. The US leads the world in robotaxi deployments  New Bank of America data shows that 40% of the 171 active robotaxi deployments globally are in the US. SpaceX isn't just expensive — it's in a different orbit At a $1.75 trillion valuation, SpaceX would be valued at roughly 100x its 2025 revenue. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025