U.S. equities are retreating on Thursday, snapping this week’s tentative rebound, as Iran’s rejection of Washington’s latest ceasefire proposal drove Brent crude above $107 per barrel, pushed Treasury yields to fresh multi-session highs and sent gold lower again on intensifying inflation fears.
• SPDR Gold Shares stock is showing weakness. Why is GLD stock trading lower?
The White House confirmed it transmitted a 15-point peace plan to Tehran via Pakistan and maintained that talks were ongoing, but Iranian officials publicly rejected any direct negotiations — countering instead with a five-point framework that would grant Tehran sovereign control over the Strait of Hormuz.
Speaking at a Cabinet meeting, President Donald Trump said Iran "desperately wants to make a deal," adding that Tehran had offered the U.S. "eight boats of oil" and "very substantial talks" are underway.
That impasse has left markets pricing in a protracted conflict with no clear off-ramp, anchoring energy prices at elevated levels.
WTI crude oil surged 4.1% to $94.04 per barrel. Brent crude jumped 5.4% to $107.73.
By midday trading in New York, the S&P 500 fell 0.7%, to 6,547 points, while the Dow Jones Industrial Average declined 83 points, or 0.2%, to 46,346. The Nasdaq 100 slid 234 points, or 1%, to 23,929.
The Russell 2000 shed by 0.7%, to 2,520.
Gold tumbled as rising energy costs solidified the Fed pause narrative, sapping the appeal of non-yielding assets. Spot gold fell 1.7% to $4,450.13 per troy ounce, with SPDR Gold Shares (NYSE:GLD) tracking the decline.
The CBOE Volatility Index (VIX) climbed to 26.82, rising 1.49 points, or 5.9%.
Thursday’s Performance In Major U.S. Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 6,547.01 | -0.7% |
| Dow Jones | 46,346 | -0.2% |
| Nasdaq 100 | 23,929 | -1% |
| Russell 2000 | 2,519.05 | -0.68% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) slid 0.7%,
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) fell 0.2%,
- The Invesco QQQ Trust (NASDAQ:QQQ) declined 1.0%,
- The iShares Russell 2000 ETF (NYSE:IWM) lost 0.7%.
Energy Dominates As Brent Reclaims $107; Semis Hammered By Alphabet’s AI Efficiency Paper
The Energy Select Sector SPDR Fund (NYSE:XLE) was Thursday’s standout winner among S&P 500 sectors, up 1.6%, driven by the surge in crude prices.
Valero Energy Corporation (NYSE:VLO) climbed 5.1%, ranking among the top Russell 1000 gainers of the session as refining margins widened alongside the Brent move.
The Technology Select Sector SPDR Fund (NYSE:XLK) was the session’s biggest drag, battered by a wave of AI hardware selling after Alphabet Inc. (NASDAQ:GOOGL) published research highlighting more efficient AI model architectures, stoking fears of reduced demand for high-end chips and memory infrastructure.
Lam Research Corp (NASDAQ:LRCX) and Applied Materials, Inc. (NASDAQ:AMAT) sank 6.7% and 5%, respectively. The VanEck Semiconductor ETF (NYSE:SMH) tumbled 3.0%.
SanDisk Corporation (NASDAQ:SNDK) dropped 8.2% and Super Micro Computer, Inc. (NASDAQ:SMCI) slid 7.1%, as the AI efficiency fears rippled through memory and server infrastructure names.
Thursday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Avis Budget Group, Inc. (NASDAQ:CAR) | +15.58% |
| Concentrix Corporation (NASDAQ:CNXC) | +8.07% |
| Harley-Davidson, Inc. (NYSE:HOG) | +5.40% |
| RingCentral, Inc. (NYSE:RNG) | +5.27% |
| Valero Energy Corporation | +5.14% |
Thursday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| AppLovin Corporation (NASDAQ:APP) | -9.54% |
| Coherent Corp. (NYSE:COHR) | -8.57% |
| SanDisk Corporation | -8.24% |
| Reddit, Inc. (NYSE:RDDT) | -8.17% |
| Ciena Corporation (NYSE:CIEN) | -8.16% |
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