The market may finally be waking up to the damaging reality of the Iran war.

The stock market having its worst day of the conflict a month into the fighting is a bad sign. The S&P 500 fell 1.7%, while the Nasdaq Composite tumbled 2.4% Thursday—both closing at around six-month lows. The latter entered correction territory, albeit partly due to Meta’s sharp drop.

But what’s more worrying is the muted reaction to President Donald Trump postponing strikes on Iranian energy facilities for another 10 days. It may be down to reports that the Pentagon is looking at sending up to 10,000 additional troops to the Middle East. 

But the delay also doesn’t give investors what they really want—an end to the war, or at least a sign it may come swiftly.

If the pause holds and there’s no resolution, it means 10 more days of low traffic through the Strait of Hormuz, elevated energy prices, and more uncertainty. Deadlines also spark volatility—yesterday’s trading ahead of Trump’s original Friday cut-off is a stark reminder.

The war looks likely to drag on into April—at the very least—and into earnings season. If U.S. companies are revealing the damaging impact of the war as the conflict is raging, that’s a troubling combination for the stock market, though it may put more pressure on Trump.

The same goes for the economic fallout. The jobs report for March is out before Trump’s new deadline expires, and consumer price inflation data a few days after.

That might seem a bit far out for a market eager to trade on day-to-day developments. But it shouldn’t be. The longer the war lasts, the worse the impact for the global economy and markets. 

Every passing day means more trouble ahead—let alone 10 of them.

—Callum Keown

Get more of the journalism you love. Choose Barron’s as a preferred source in Google.

Oil prices briefly stabilized after President Trump paused his plans to begin bombing Iran’s power infrastructure for another 10 days, though Brent crude prices remained elevated Friday. The deadline had been set for today. Trump said on Thursday that talks with the Iranians were ongoing.

• Trump said in a social media post that he was pausing the plans at the request of the Iranian government, setting the new deadline as Monday, April 6 at 8 p.m. Eastern time. Brent crude climbed above $104 a barrel early Friday, while WTI rose above $96 a barrel.

• Trump revealed during a cabinet meeting that the “gift” he had earlier said the Iranians gave was allowing the passage of 10 oil tankers through the Strait of Hormuz. The move was meant to show that Iran is “real and solid,” Trump said at the meeting.

• The pause does nothing to resolve the uncertainty surrounding the energy situation in the Middle East. Trump insists Iranian negotiators are “begging” to make a deal, despite Iran’s public denials. Iran has threatened to choke off a vital waterway passage to the Suez Canal in addition to its influence over Hormuz.

• Pakistan’s deputy prime minister Ishaq Dar posted on X on Thursday that U.S.-Iran indirect talks are taking place through messages being relayed by Pakistan. He added that “brotherly countries” Turkey and Egypt are also involved.

What’s Next: In the face of rising fuel costs, the U.S. Environmental Protection Agency will issue an emergency waiver on nationwide sales of E15 gasoline—a blend of 15% ethanol and 85% gasoline—during the summer driving season starting May 1.

—Adam Clark and Anita Hamilton

The travel chaos that has led to TSA workers missing paychecks and massive lines at airports may nearly be over. The Senate agreed before dawn on Friday to end the shutdown for most of the Department of Homeland Security.

• Just after 2 a.m. Eastern time, Republicans and Democrats unanimously agreed via a voice vote to fund all of the DHS, except Immigration and Customs Enforcement and Border Patrol, through the end of the current fiscal year. The legislation now goes to the House.

• Funding for the DHS lapsed for more than a month as Democrats sought to restrict money for ICE and introduce stricter rules for immigration-enforcement officials.

• President Donald Trump had said on Thursday that he would sign an order directing the Secretary of Homeland Security to immediately pay TSA workers, who have been working airport security checklines without pay since the partial government shutdown began in February.

• Trump said in a social media post he was acting to address an emergency situation and to stop the chaos at American airports, which he blamed on Democrats. “It is not an easy thing to do, but I am going to do it!” he wrote.

What’s Next: Acting TSA Administrator Ha Nguyen McNeill told Congress on Wednesday the shutdown decreased the number of people interested in working for TSA, and that those they have been able to hire require four to six months of training. That could become another pressure point this summer, when millions of fans are expected to travel to the U.S. to attend the FIFA World Cup.

—George Glover, Janet H. Cho, and Liz Moyer

Passengers may not appreciate the long airport security lines created by TSA staffing shortages, but there have been some benefits to investors in rental car and security companies. That may prove to be short-lived.

• Shares of Hertz Global rose more than 9% on Thursday, its largest percent increase since Dec. 22. The rental car company said searches to its website have surged 15% in the past week. It’s offering 25% discounts on one-way and last-minute car rentals.

• Hertz said that the surge in search traffic signals that travelers are considering other ways or back up plans to reach their destinations. One in three customers are currently renting cars specifically for road trips and driving vacations, it added. Rival Avis Budget Group’s shares also rose.

Clear Secure, whose CLEAR+ security platform uses biometrics like eyes, faces, or fingerprints to confirm identities, lets passengers bypass traditional ID checkpoints at dozens of airports. The stock has surged 52% and more than doubled over the past 12 months.

• As a private company, Clear is shielded from TSA staffing shortages that have contributed to hourslong wait times at airports across the country. Clear recently renewed its partnership with American Express, and expects first-quarter bookings growth of 19.7% to 22.1%.

What’s Next: National Car Rental revived its One Two Free promotion, enabling Emerald Club members in the U.S. and Canada to earn one free promotional rental day after two qualifying rentals of at least two days in a midsize or larger vehicle. The promotion runs from April 5 to June 7.

—Janet H. Cho and Mackenzie Tatananni

Netflix has again raised prices across its streaming subscription tiers, another sign for consumers that the media platforms will continue to get more expensive from here. It’s the second time Netflix has made the move in just over a year, with the new prices applied to new and existing members.

• Netflix updated its plans page on Thursday. The standard subscription tier with ads will now cost users $8.99 a month, which is $1 more than before. Standard ad-free and premium subscriptions each went up by $2, and will now cost $19.99 and $26.99 a month, respectively.

• A company spokesperson said they continue to offer a range of prices and plans to meet a variety of needs. “As we deliver more value to our members we are updating our prices to enable us to reinvest in quality entertainment and improve their experience,” the spokesperson said.

• Netflix also announced price hikes in January 2025, but the company has so far been able to maintain a prominent position in the streaming wars. According to research firm Nielsen, Netflix was the second-most viewed streaming service last month, behind only Alphabet’s YouTube.

• Other streamers have raised prices, too, including Paramount+ in January 2026, Apple TV in August 2025, and both HBO Max and Disney+ in October 2025. Barron’s has previously reported that customers should expect more price hikes as streamers combine. Paramount Skydance has a deal to buy HBO’s Warner Bros. Discovery.

What’s Next: Netflix’s own investors were unhappy with its attempt to buy Warner Bros, but it ultimately decided not to engage in a bidding war with Paramount. Warner Bros investors will vote on the Paramount deal on April 23.

—Angela Palumbo

Apple stock has been struggling this year, including a current run of four straight weekly declines, but recent analyst reports tout iPhone loyalty and the release of a new MacBook as reasons to be optimistic.