WSJ What’s News What’s News in Markets: Bearish Bets, Defiant Oil Prices, a Social Media Reckoning
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Mar 28, 2026 Markets are sliding as investors pile into bearish options and major indexes slip into correction territory. Landmark legal rulings shake social platforms and send tech stocks reeling. A new AI tweak rattles chipmakers. Surging oil after Iran-related supply fears pushes energy stocks higher and threatens consumer spending.
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Market Pullback Driven By Bearish Bets
- Markets slid as investors increased bearish S&P options and retail trading fell to a two-year low.
- The Nasdaq entered correction territory and the S&P500 logged its longest weekly losing streak in nearly four years, signaling broad market caution.
Big Tech Faces Regulatory Reckoning
- Legal rulings holding Meta and YouTube responsible for harm to minors pressured Big Tech stocks and raised existential risks to engagement-based business models.
- Meta lost 11% and Alphabet fell about 9% after courts found products addictive and fined Meta $375 million in one case.
Google's AI Breakthrough Roils Chip Stocks
- Google unveiled an algorithm that can cut memory needed for AI models by at least sixfold, rattling chipmakers.
- Micron plunged 15.5% and Sandisk slid 13% as investors repriced hardware suppliers' prospects.