Stock Market Today (LIVE): Nasdaq Enters Correction as Crude Tops $110 and Strait of Hormuz Remains Closed

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Opening Bell

9:35 am

U.S. equities fell Friday as the Nasdaq entered a technical correction, dropping 10% from its October high. Despite President Trump extending a pause on attacking Iranian energy facilities until April 6, Brent crude futures jumped 2% to over $110. The S&P 500 is pacing for its fifth straight losing week as the Strait of Hormuz remains effectively closed, with Iranian forces reportedly turning back Chinese vessels. While the Dow remains 9% below its record, the looming threat of 10,000 additional U.S. troops in the Middle East continues to fuel a “war premium” that is punishing growth-sensitive sectors.

Top of the Morning

9:40 am

In a partnership with Coinbase (COIN 6.78%), Better Mortgage (BETR 1.51%) has a new mortgage product that aims to help younger homebuyers use Bitcoin as collateral.

So, how does it work?

According to the Better Mortgage website, “…Instead of putting cash down, you pledge Bitcoin or USDC and receive two loans: a conforming Fannie Mae mortgage on the home, and a separate loan that is secured by the crypto that you pledge and a second lien on the home to fund your cash down payment…”

Why is this a thing?

Higher housing prices mean that a lot of buyers are effectively priced out of the market. That means the pool of buyers is likely a bit older and a bit smaller than some in the mortgage business might prefer. So it’s not surprising that some mortgage brokers would create products to lure younger buyers into the market.

This Morning’s Breakfast News

9:05 am — AAPL -0.07%, GOOG -1.3% in pre-market trading

Apple (AAPL +0.63%) is planning to open up the Siri operating system to outside AI assistants in the upcoming software release in a bid to catch up to peers and generate more revenue from third-party AI subscriptions. The stock rose almost 1% ahead of the market open.

• AI chatbot apps installed on the iPhone will be able to integrate with Siri: The iOS 27 operating system overhaul should enable users to send questions to Anthropic’s Claude, Alphabet‘s (GOOG 0.87%) Gemini, or others, according to those familiar with the matter.
• Clear potential to boost services revenue: Under the new reported measures, Apple would no longer be an exclusive user of OpenAI’s ChatGPT, although the move could allow Apple to take a percentage of paid subscriptions from the different new providers integrated on Siri.

$20B Content Plan Forces Netflix Hikes

8:55 am — NFLX +1.1% in pre-market trading

Netflix (NFLX +0.33%) increased subscription costs across all tiers Thursday, its first hike since early 2025. Monthly rates for the ad-supported tier rose to $8.99, while the premium plan climbed to $26.99. These adjustments support a massive $20 billion content budget for 2026 as the company expands into live events and video podcasts. Management is betting on “pricing power” to reach a revenue target of over $50 billion this year, even after losing the Warner Bros. bidding war to Paramount Skydance (PSKY +0.73%). The move follows a broader industry trend where streamers prioritize profitability over pure subscriber growth.

• Ad-Tier Ambitions: By raising the floor on its cheapest plan, Netflix is nudging users toward a higher-revenue “doubling” of ad sales projected for 2026.
• The Premium Ceiling: With the top-tier plan now nearing $30, the company is testing the upper limits of consumer loyalty in an increasingly fragmented and expensive streaming market.

Before the Opening Bell

8:50 am

U.S. equity futures retreated Friday as the Nasdaq officially entered correction territory, down 10% from its October peak. Despite President Trump extending the deadline for potential strikes on Iranian energy facilities to April 6, Brent crude futures jumped 2% to over $110 per barrel. The S&P 500 and Dow Jones Industrial Average remain under pressure as the Strait of Hormuz remains closed, with Iranian forces reportedly turning back Chinese vessels. While the administration signals “ongoing” talks, conflicting reports from Tehran and a potential 10,000-troop Pentagon deployment have fueled a fifth consecutive week of losses for major benchmarks.

• Waterway Chokepoints: The grounding of a cargo ship and the blockade of the Strait of Hormuz are creating a logistical nightmare that could keep the “war premium” embedded in energy prices indefinitely.
• The Correction Threshold: With the Dow now 9% below its all-time high, a further 1% drop would trigger a technical correction across all three major U.S. indexes simultaneously.

This article was created using Large Language Models (LLMs) based on The Motley Fool’s insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Netflix and is short shares of Apple. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.