Pressures

• The Nasdaq 100 and Dow Jones Industrial Average have both entered correction territory, defined as a more-than-10% decline from recent peaks, marking a significant milestone in the market downturn. • Tech stocks have been particularly hard hit, with Amazon dropping 3.1% and Meta Platforms falling 3.5%, as the sector faces pressure from both high valuation concerns and geopolitical tensions related to the Iran war. • The S&P 500 has suffered five consecutive weeks of losses—its longest losing streak in nearly four years—and is now 8.7% below its record set in early 2026.

• The U.S. Senate approved a bill funding the Department of Homeland Security, including TSA operations, but excluding ICE and parts of Customs and Border Protection. • The measure addresses impacts from the partial government shutdown, where over 480 TSA officers quit and absences hit 40% at some airports. • President Trump announced plans to sign an executive order for immediate TSA agent payments, separate from the Senate bill.

Doubling tariffs on imported steel will raise cost of the metal when Iran war is already inflating steel and concrete pricesOne of HS2’s biggest contractors has warned the government that raising tariffs on foreign steel imports will “exacerbate” cost pressures for the UK construction industry, amid growing concern over the £100bn railway’s rising budget.Ministers said last week they would double the tariffs on imported steel and slash the amount that can be bought from overseas, in an attempt to save Britain’s struggling steelmakers. Continue reading...

Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefitThe Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.It is the third time the US has temporarily waived sanctions in about two weeks. Continue reading...

• Congress reconvenes Monday amid multiple crises: ongoing DHS shutdown, Middle East war impacts, and an impending East Coast storm. • Republicans prioritize the SAVE Act vote while DHS funding debates, linked to H.R. 7147, raise immigration service risks. • The session's timing on the Ides of March underscores high-stakes challenges for lawmakers returning from recess.

The yield on the 10-year US Treasury note rose to 4.28% from 4.26% late Thursday on March 13, 2026, marking a jump from 3.97% before recent geopolitical tensions. Higher energy prices have fueled inflation fears, prompting investors to adjust Fed rate cut expectations. This bond market shift signals broader concerns over economic stability. Yields may face further upside if oil remains elevated.

On March 13, 2026, institutional investors and hedge funds trimmed stock positions before the market close due to escalating geopolitical risks, hedge fund losses, and stress in the global private credit market. The Nasdaq slid 1.78% to 22,111, Dow dropped 1.56% to 46,777, and S&P 500 fell 3% for March amid broad risk-off selling. These moves signal defensive positioning until clarity emerges on Persian Gulf naval operations and tanker traffic through the Strait of Hormuz. Key weekend indicators include Sunday oil futures and S&P 500 futures reaction.