Stocks Fall, Treasury Yields Jump As Iran Conflict Fires Up Oil To $80: What's Moving Markets Thursday?

U.S. equities fell broadly Thursday as West Texas Intermediate crude surged to its highest level since January 2025, compounding inflation fears and driving Treasury yields sharply higher.

WTI crude jumped 6.5% to $79.7 per barrel, its highest print since January 2025 and up roughly 18% for the week, putting crude on pace for its strongest weekly gain since Russia’s invasion of Ukraine in February 2022.

Hundreds of vessels remained anchored in the Persian Gulf as the U.S. Navy escorted tankers through the Strait of Hormuz.

Meanwhile, rate traders pared Federal Reserve easing bets to a single cut in 2026.

The 10-year U.S. Treasury yield climbed to 4.143% and the 30-year rose to 4.754%, as markets accelerated their repricing of inflation risk. The dollar strengthened against all major peers, with the euro slipping to 1.1579 and the British pound to 1.3320.

By midday trading in New York, the S&P 500 fell 0.7% to 6,820. The Dow Jones Industrial Average shed 826 points, or 1.9% to 47,910, its steepest single-session loss since April 2025.

The Nasdaq 100 declined 0.5% to 24,965 and the Russell 2000 dropped 2% to 2,580 as smaller companies bore the brunt of tightening rate expectations. The Cboe Volatility Index surged 10.4% to 23.34.

Energy led all 11 S&P sectors as the Energy Select Sector SPDR ETF (NYSE:XLE) gained 0.9%. Health care was the day’s worst performer, with the Health Care Select Sector SPDR ETF (NYSE:XLV) sliding 2.6%, followed by the Industrial Select Sector SPDR ETF (NYSE:XLI), off 2.4% to $171.72.

Industry-wise, the U.S. Global JETS (NYSE:JETS) sunk over 5% on its worst session since April 2025. Rising fuel costs hammered United Airlines Holdings, Inc. (NASDAQ:UAL), which shed nearly 7% on concerns that surging prices will squeeze margins.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.8%.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1.8%.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) declined 0.6%.
• The iShares Russell 2000 ETF (NYSE:IWM) traded 2.1% lower.

Commodities Mixed, Emerging Markets Fall

Gold eased 0.3% to $5,086.62 per ounce as the stronger dollar capped upside. Natural gas edged 1.1% higher to $2.95 per million British thermal units.

Bitcoin (CRYPTO: BTC) fell 3.1% to $71,090.45 as risk aversion hit digital assets .

Global markets declined in sympathy. The iShares MSCI Emerging Markets ETF (NYSE:EEM) fell 2.6%.

South Korea’s iShares MSCI South Korea ETF (NYSE:EWY) was among the hardest hit, shedding 5.8%, as chipmakers tied to the global growth outlook sold off.

Earnings Movers

Broadcom, Inc. (NASDAQ:AVGO) rose over 4% after reporting fiscal first-quarter revenue of $19.31 billion, up 29% year-over-year and above the $19.18 billion consensus. Adjusted EPS of $2.05 beat the $2.03 estimate. AI-linked revenue surged 106% to $8.4 billion, and management guided for second-quarter revenue of $22 billion, above the $20.56 billion consensus. CEO Hock Tan projected AI chip revenue exceeding $100 billion in 2027.

The Trade Desk, Inc. (NASDAQ:TTD) added 17.6%, emerging as the session’s top large-cap gainer on a strong quarterly report.

After Thursday’s close, Costco Wholesale Corporation (NASDAQ:COST), The Kroger Co. (NYSE:KR) and Marvell Technology, Inc. (NASDAQ:MRVL) are due to report earnings.

Russell 1000’s Top 5 Gainers And Losers On Thursday

Top Gainers

Top Losers

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