WSJ What’s News – "The Nasdaq Closes in a Correction" (March 26, 2026)

Host: Alex Osola
Podcast: WSJ What’s News
Episode Theme:
A rapid-fire look at the top business, finance, and geopolitical developments moving markets, with special focus on the tech sector’s downturn, global security tensions involving Iran, and evolving trends in housing, defense, and workplace gender politics.

Episode Overview

This PM edition surveys a turbulent day for markets as the Nasdaq enters correction territory, mortgage rates climb higher, and geopolitical anxieties flare over Iran’s suspected involvement in attacks across Europe. The episode also covers US Senate gridlock impacting travelers, Israel's shifting military tactics, next-gen US defense projects, the housing market’s crypto twist, a feminist org’s newly announced pivot, and record Wall Street bonuses (and why they may not be enough for New York City).

Key Discussion Points & Insights

1. Nasdaq Correction and Market Fears

• Timestamps: [08:15]–[09:17]
• The Nasdaq dropped 2.4%, pushing it into correction territory—over 10% off its October peak.
• Investor concerns intensified around two global shocks:
  • The negative impact of AI disruption on software companies
  • Economic fallout from the Iran war impacting energy prices
• Other indices followed: The Dow and S&P fell, while Brent crude leaped nearly 5% to $102/bbl amid fears of further energy instability.
• The OECD issued a warning about a potential slump in growth and inflation spikes if energy disruptions persist.

2. Senate Stalemate, TSA Funding, and Middle East Geopolitics

• Timestamps: [00:49]–[03:23]
• Senate Republicans urge the White House to declare a national emergency to fund TSA agents and alleviate airport gridlock, but Democrats remain firm on immigration enforcement reforms.
• President Trump threatens "very drastic measures in the Middle East" if the standoff doesn’t resolve.
• Iran, potentially signaling negotiation willingness, allows Pakistani oil tankers through the Strait of Hormuz and receives praise from Trump:

  "President Trump called the gesture a present to the US that shows Iran's leaders are serious about negotiating and said the US would pause strikes on Iran's energy sectors for 10 more days." [01:24]

• Secretary of State Marco Rubio presses for more commitment from US allies on security in the Strait.

3. Israel’s Strategic Military Pivot

• Timestamps: [03:23]–[03:57]
• Israel, accepting it likely can’t topple Iran’s government from the air, shifts focus to degrading its military-industrial capacity before any possible peace moves, due to signals Trump may end the conflict soon.

4. Iran’s Alleged Attacks on Jewish Targets in Europe

• Timestamps: [00:32], [04:25]–[07:17]
• Context: Nearly a dozen recent attacks on Jewish locations in Western Europe stoke fears and spur investigations.
• Bojan Panchevsky (WSJ Chief European Political Correspondent) details:
  • European authorities suspect Iranian involvement, noting connection between a "bogus group" claiming responsibility and Iranian social media propaganda channels.
  • Many attacks are livestreamed and traced back to such propaganda networks.
  • Western officials see the strategy as an evolved "criminal-for-hire" playbook, with non-Iranian criminals or desperate refugees recruited online for payment—making the threat unpredictable and harder to stop.

Notable Quote:

• Bojan Panchevsky:

  "Essentially, it can turn anyone into a sort of executor of Iran's agenda... Quite often they don’t even know who they’re working for..." [00:32]
  "It basically means that a lot of people from all walks of life can be recruited to be part of this kind of criminal network." [06:34]

5. European Political Rifts Over Iran Policy

• Timestamps: [02:19]–[03:07]
• Spanish Prime Minister Pedro Sanchez expresses pointed criticism of US and Israeli actions:

  "There is a moral dimension of this war or these wars... I think all of them are interconnected... I do believe that there is a clear strategy... to shift geopolitics in the Middle East." [02:19] "Good allies are like good friends. We tell each other the truth... this war in Iran is a big mistake for the world and therefore for the U.S." [03:07]

6. Housing Market Update: Mortgage Rates and Crypto-Backed Mortgages

• Timestamps: [09:17]–[09:53]
• Freddie Mac's average 30-year mortgage rate rises to 6.38%—the fourth consecutive weekly increase and the highest since September.
• Concerns mount over the potential chilling effect on the spring homebuying season.
• Notably, Fannie Mae plans to allow crypto assets to be used as mortgage collateral—instead of cash—potentially mainstreaming crypto-backed mortgages.

7. Lean In’s Organizational Shift

• Timestamps: [09:53]–[10:19]
• Sheryl Sandberg’s Lean In foundation cuts a quarter of its staff and pivots to combat the rising "tradwife" and "manosphere" movements.
• 25-year-old Bridget Griswold is named new CEO, bringing a background in AI.
• Sandberg, while not interviewed for this episode, signals the organization’s intent to engage in current debates re-framing women’s roles.

8. Defense Tech: “Golden Dome” Anti-Missile Shield

• Timestamps: [10:19]–[12:27]
• Drew Fitzgerald (WSJ Aerospace and Defense Reporter) reveals Anduril and Palantir are developing software for Trump’s $185B “Golden Dome” program:

  "What it could offer them is space on the ground floor of this massive defensive system... over the next few decades to come. So it's a good position to be in." [10:35]

• The project aims to integrate US and allied radar and interceptor arrays for faster, more comprehensive response to incoming threats, moving beyond the current fragmented service-by-service approach.

9. Wall Street Bonuses and NYC’s Budget Gap

• Timestamps: [12:27]–[13:20]
• The average Wall Street bonus hits a new high—nearly $250,000, up 6% YoY.
• Disappointment for NYC’s Mayor Zoran Mamdani: The tax windfall is below the anticipated 15% rise, complicating efforts to close a $5Bn budget shortfall by July.

Notable Quotes

• Alex Osola, on Nasdaq Correction:

  "Markets dove today. The Nasdaq fell 2.4%, closing in a correction meaning it's lost more than 10%." [08:15]

• Bojan Panchevsky, on recruitment for attacks:

  "You've got refugees who are strung out for cash and they are on a telegram channel and then someone will say, here's a thousand euros. If you go to this bus stop and set this bus on fire, quite often they don't even know who they're working for." [06:34]

• Pedro Sanchez, on European relations with the US and Israel:

  "Good allies are like good friends. We tell each other the truth no matter what. And in my view, this war in Iran is a big mistake for the world and therefore for the U.S." [03:07]

• Drew Fitzgerald, on the “Golden Dome” project:

  "What the Golden Dome project is supposed to be is this integration of new systems and existing ones that includes things like radars throughout the U.S., Canada, Alaska... so that commanders can see all threats at once, follow them from start to finish, and decide how to respond..." [11:21]

Important Timestamps

• [00:32] — Iran’s criminal playbook in Europe (Panchevsky)
• [02:19] & [03:07] — Pedro Sanchez critiques US/Israel policy
• [06:34] — How attacks are planned/executed by "random" recruits
• [08:15] — Nasdaq correction breakdown
• [10:35] & [11:21] — “Golden Dome” defense system explained
• [12:27] — Wall Street bonuses: record size, but not enough for NYC

Memorable Moments

• The detailed rundown of how European authorities track Iranian online “bogus groups” organizing attacks, and the alarming “anyone can be a recruit” trend.
• The rare, pointed critique from a sitting European Prime Minister (Pedro Sanchez) regarding US/Israeli Middle East strategy.
• News of the US mortgage market shaking up with crypto-backed loans, marking a potential sea change in home finance.
• The juxtaposition of Wall Street’s “record bonuses” with the reality of city budgets falling short—a telling sign of economic anxieties even amid apparent boom times.

Tone & Language

The episode maintains the concise, authoritative, and data-forward style characteristic of the WSJ, with off-script quotes providing direct color from global officials and journalists. Insights are delivered at a brisk pace, with segments structured tightly around newsworthy facts and expert analysis.

This summary captures the full breadth of the news-packed episode, guiding listeners through the contrasting forces shaping today's markets and global landscape.