Trump: "Iran strike pause until April 6"…Wall Street ends sharply lower [Morning Briefing]

◆ Wall Street: Risk appetite hit by Trump and Google-related negatives…markets close sharply lower

All three major U.S. stock indexes ended in the red. On the 26th (local time), at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 469.38 points (-1.01%) from the previous session to close at 45,960.11. The Standard & Poor’s (S&P) 500 dropped 114.71 points (-1.74%) to 6,477.16, while the tech-heavy Nasdaq Composite slid 521.74 points (-2.38%) to finish at 21,408.08.

In particular, the Nasdaq entered correction territory, down 11% from its previous record close (Oct. 29, 2025). Investor sentiment froze on reports that U.S. President Donald Trump is repeatedly pressuring Iran to come to the table for end-of-war talks while also considering control over Iran’s oil. Concerns that a deployment of U.S. ground forces into Iran could be imminent further fueled pessimism. In the tech sector, stocks were swept up in a selloff after Google suggested the potential for breakthrough technology that could cut memory demand by as much as sixfold.

◆ President Trump: "Extending the pause on attacks on Iran’s power plants by 10 more days, until April 6"

President Trump said on the 26th (local time) that he is extending the pause on attacks on Iran’s power plants for 10 days, until 8 p.m. ET on April 6. Posting on his social media platform Truth Social, Trump said the decision was made at the request of the Iranian government. He added, "Talks are ongoing and are going very well." The announcement extends by another 10 days the pause that had initially been granted for five days. Previously, on the 23rd, Trump said negotiations with Iran were under way and that attacks on power plants and energy facilities would be paused for five days.

◆ France leads talks among chiefs of defense from 35 countries on Hormuz…South Korea participates

Military chiefs from 35 countries around the world, including France, held a video conference on the 26th (local time) to discuss the situation in the Middle East. In an afternoon press release, France’s Ministry of the Armed Forces said it convened a video meeting of chiefs of defense chaired by Gen. Fabien Mandon, chief of the French defense staff. The ministry said the meeting served as an opportunity to gather participating countries’ positions on joining a collective effort to contribute to maritime navigation safety in strategic areas.

It also stressed that the meeting is unrelated to ongoing military operations in the region and is purely defensive in nature. The aim is to organize the resumption of navigation in the Strait of Hormuz after fighting has halted. Earlier, President Trump had asked allies to dispatch warships to keep the Strait of Hormuz open, but most countries declined over concerns about being drawn into the conflict. The meeting was held as part of a pre-review of necessary steps once the situation stabilizes, and South Korean military authorities are reported to have taken part.

◆ Fallout from the Iran war…April business outlook posts steepest drop since after the martial law episode

A shock from the Middle East worsened business sentiment in March, led by the services sector. In particular, the outlook for April deteriorated by the largest margin since early last year, when the fallout from the emergency martial law episode was significant. According to the results of the March Business Survey released by the Bank of Korea on the 27th, the all-industry Composite Business Sentiment Index (CBSI) came in at 94.1, down 0.1 point from the previous month.

By sector, the manufacturing CBSI was unchanged from the prior month at 97.1. Improvements in production and new orders were offset by higher finished-goods inventories and tighter financial conditions. The non-manufacturing CBSI fell 0.2 point to 92.0, driven mainly by funding conditions and the business climate. A Bank of Korea official said higher raw material prices and logistics disruptions stemming from the Iran war weighed on the index. The April CBSI outlook fell 3.0 points for manufacturing and 5.6 points for non-manufacturing, marking the steepest drop since January last year, immediately after the martial law.

◆ Today’s high 15–20°C…"very dry" in central regions and North Gyeongsang

On Friday the 27th, skies will be mostly clear nationwide, with very dry air expected mainly in the central region and North Gyeongsang Province. Dense fog may form in some areas through the morning, so caution is advised for traffic safety. For the time being, the gap between daytime and nighttime temperatures will be large, at 15–20°C. The day’s high is forecast at 15–25°C. As of 5 a.m., temperatures were recorded at 6.3°C in Seoul, 7.2°C in Daejeon, and 10.6°C in Busan. Fine dust levels are expected to be "Bad" across all regions, with the Seoul metropolitan area and the Yeongseo area of Gangwon reaching "Very Bad" levels in the morning and at night. Waves will be 0.5–1.0 m in the inshore waters across all seas.

Kim Ye-rang, Hankyung.com reporter yesrang@hankyung.com