A trader works on the floor of the New York Stock Exchange during morning trading on March 25, 2026 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East.
The broad market index declined 1.74% to end at 6,477.16, while the Nasdaq Composite shed 2.38% and closed at 21,408.08. The tech-heavy index closed in correction territory, down more than 10% from its high. The Dow Jones Industrial Average dipped 469.38 points, or 1.01%, and settled at 45,960.11.
Crude prices rose on Thursday, putting pressure on equities. Brent futures jumped 5.66% to settle at $108.01 per barrel. West Texas Intermediate futures climbed 4.61% to end at $94.48.
As stocks took a leg lower and oil prices received a boost Thursday, the yields on the 10-year Treasury and 2-year Treasury both spiked.
Speaking about the recent performance in oil prices, President Donald Trump said he thinks their surge as well as the pressure seen in the broader market are not as bad as he expected. “It’s all going to come back down to where it was and probably lower,” he said regarding oil.
Earlier Thursday, Trump said in a Truth Social post that Iran “better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty.” The president also labeled Iranian negotiators as “very different” and “strange,” claiming they were “begging” the U.S. to make a deal to end the now four-week war.
This comes after Iran’s foreign minister reportedly told state media on Wednesday that top authorities in the Middle Eastern nation are reviewing an American proposal to end the war, but Tehran has no intention of having talks with the U.S.
Meanwhile, Gulf countries issued a joint statement Thursday condemning Iran’s “criminal” strikes from Iraqi territory on their energy infrastructure. They added that they are ready to defend themselves going forward.
“While we value our fraternal relations with the Republic of Iraq, we call on the Iraqi government to take the necessary measures to immediately halt the attacks … toward neighboring countries,” the joint statement said.
Wall Street is coming off a winning session, with the Dow on track for a winning week, even in the face of the contradictory statements made by the U.S. and Iran regarding peace talks between the two sides.
“It is a complacent market, and by that I mean investors are just inherently optimistic and willing to absorb bad news,” Jed Ellerbroek, portfolio manager at Argent Capital Management, said to CNBC. “The market wants to go up.”
Tobin Marcus, head of U.S. policy and politics at Wolfe Research, believes the recent market moves signal that investors are betting Iran is the one that could be “lying.”
Markets “seem to be concluding that Iran’s negative public message may be a smokescreen for a more accommodating private posture,” he wrote in a note. “We’re not so sure, and the ambiguity can’t last much longer amid Trump’s 5-day deadline for talks.”
— CNBC’s Kevin Breuninger contributed reporting.
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