U.S. equity markets are having a volatile session on Thursday, opening down over 1% following President Donald Trump‘s prime-time Wednesday address, before briefly paring losses on reports that Iran is drafting a monitoring protocol with Oman for the Strait of Hormuz.
According to CNBC, citing a translated document from Iran’s state news agency IRNA attributed to Deputy Foreign Minister Kazem Gharibabadi, the two countries are working on a protocol to manage traffic flows through the Strait — yet the arrangement is a peacetime framework intended for post-conflict implementation, not a ceasefire mechanism or a signal of imminent de-escalation.
Trump later wrote on social media that Iran's "biggest bridge comes tumbling down, never to be used again," warning that "much more" could follow.
WTI crude oil – as tracked by the United States Oil Fund (NYSE:USO) – surged 11.9% to $112 per barrel on track to close the session at the highest levels since June 2022.
The S&P 500 slipped 0.3% to 6,557, while the Dow Jones Industrial Average fell 0.5% to 46,345. The Nasdaq 100 declined 0.3% to 23,938. The Russell 2000 small-cap index outperformed, edging up 0.1% to 2,513 — the only major benchmark in positive territory by midday.
The CBOE Volatility Index jumped 5.7% to 25.94.
Within Magnificent Seven stocks, Tesla, Inc. (NASDAQ:TSLA) sank over 4% to a seven-month low after posting one of its weakest first-quarter delivery figures in recent years. Amazon.com Inc. (NASDAQ:AMZN) fell 0.5% after Iran’s Islamic Revolutionary Guard Corps announced a direct strike on a company’s data center in Bahrain
Thursday’s economic data came in better than expected. Initial jobless claims fell to a near two-year low of 202,000 for the week ending March 28, well below the estimate of 212,000. The February trade deficit came in at $57.3 billion, tighter than the $59.2 billion forecast.
Gold retreated sharply, with spot prices falling 2.4% to $4,672.93 per troy ounce as a stronger dollar and rising real yields weighed on the metal.
Thursday’s Performance In Major US Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 6,557 | -0.3% |
| Dow Jones | 46,345 | -0.5% |
| Nasdaq 100 | 23,938 | -0.3% |
| Russell 2000 | 2,513 | +0.1% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.3%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) declined 0.5%.
- The Invesco QQQ Trust (NASDAQ:QQQ) slipped 0.3%.
- The iShares Russell 2000 ETF (NYSE:IWM) edged up 0.1%.
Thursday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Iridium Communications Inc. (NASDAQ:IRDM) | +12.38% |
| Avis Budget Group, Inc. (NASDAQ:CAR) | +6.83% |
| Astera Labs, Inc. (NASDAQ:ALAB) | +6.51% |
| Nutanix, Inc. (NASDAQ:NTNX) | +6.29% |
| Ciena Corporation (NYSE:CIEN) | +6.20% |
Thursday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| Enphase Energy, Inc. (NASDAQ:ENPH) | -5.91% |
| The Estée Lauder Companies Inc. | -4.96% |
| On Holding AG (NYSE:ONON) | -4.80% |
| Acuity Brands, Inc. (NYSE:AYI) | -4.68% |
| Wayfair Inc. (NYSE:W) | -4.56% |
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