Mashadipati: Ceasefire doubts

Skepticism that the US and Iran will reach a ceasefire any time soon pushed oil higher while sending stocks and bonds down, extending a month of volatile trading since the war began.

After briefly trimming losses when Iran reiterated its terms for a deal, the S&P 500 fell 1.7% as President Donald Trump sent conflicting signals on whether talks with Iran would bring a halt to the war.

The equity gauge hit its lowest since September. Brent settled around $108. Higher energy prices stoked fears about inflation, deepening a decline in Treasuries, which also dropped amid a lackluster US sale of notes. Equity futures pared some of the day's losses after the close of the regular trading session as Trump said he extended his deadline for Iran to open the Strait of Hormuz until April 6, removing a threat to attack the nation's energy plants on Friday. —Jordan Parker Erb

What You Need to Know Today

Recurring applications for US unemployment benefits fell to the lowest level in almost two years, indicating ongoing stability in the labor market despite fresh economic headwinds. Continuing claims, a proxy for the number of people receiving benefits, fell to 1.8 million in the week ended March 14, according to Labor Department data released Thursday.

Filings have remained subdued despite high-profile companies such as CBS News and Meta announcing job cuts. Many economists have downgraded their forecasts for the US economy this year and boosted projections for unemployment following a surge in oil prices sparked by the Iran war. But initial claims are settling near some of the lowest levels seen in the last year, signaling the labor market continues to be in a low-firing environment.

ICE agents are now screening passengers at some US airports. Immigration and Customs Enforcement officers deployed on Monday had been largely assigned to patrol terminals and help manage long lines as TSA staffing thinned. Now, some are checking passenger identification, guarding entrances and exits, and assisting with other logistics functions. As the Department of Homeland Security funding impasse drags on and airport delays continue amid staffing shortages, Trump on Thursday pressed Senate Republicans to change the chamber's rules in a way that would allow them to secure funding for the DHS without Democrats. Senate Majority Leader John Thune and other Republicans sent Democrats a revised proposal, which he called their "final offer."

Travelers wait in line at a Transportation Security Administration (TSA) checkpoint at George Bush Intercontinental Airport (IAH) in Houston, Texas, US, on Thursday, March 26, 2026. The Transportation Security Administration warned that airport security is under severe strain as a weeks-long Department of Homeland Security funding shutdown drives staffing shortages, long wait times and mounting disruptions across the US.

Bloomberg Opinion

Air Travel Is Broken. There's an Obvious Solution

The long lines and safety concerns plaguing airports have made it clear that the current structure for funding passenger screening and air traffic control doesn't work. There is a solution, though.

Memory chip stocks extended their losses on Thursday after Google publicized research on a new algorithm that could allow more efficient use of the storage needed for artificial intelligence development. Memory chip companies had been on a tear in recent months as surging investment in AI infrastructure led to shortages, triggering a spike in chip prices and profit. SK Hynix and Samsung shares had soared more than 50% this year before falling Wednesday. Google's new technology could alleviate the supply crunch, potentially pushing down prices.

399 Park Avenue, which houses Blue Owl offices, in New York, US, on Tuesday, March 24, 2026. The world's largest alternative asset managers, which for years have fueled the private credit boom, are suddenly grappling with investors skittish about the industry's lending practices and exposure to businesses vulnerable to artificial intelligence. Photographer: John Taggart/Bloomberg

Markets

Trapped in Private Credit, Investors Wait to Pull Out $5 Billion

A wave of redemption requests across the private credit industry has left more than $4.6 billion of investor capital trapped behind withdrawal limits, with more asset managers expected to impose curbs in the coming weeks.

Officials in Berlin have started mapping vulnerabilities in US supply chains to identify points where Germany and its European Union partners could apply pressure, according to people familiar with the effort. Their goal is to create a consensus among EU nations on how they can use their leverage, if and when they get drawn into another dispute with the White House.

The initial findings suggest ways to target the massive US tech firms with close ties to the White House, the officials said. Other options could aim for the AI investment boom that has helped to drive US stocks to record highs this year or push up drug prices for American voters, an issue the president has already shown he's sensitive to.