Stock Market Pullback Amid Iran War Uncertainty as Oil Prices Spike Above $96
U.S. stocks retreated on Thursday as investor uncertainty about the Iran conflict weighed on the market. The S&P 500 fell 0.41% and oil prices surged nearly 4%, with WTI crude jumping to $96.50 per barrel as geopolitical tensions elevated energy costs.
Market Declines Amid Geopolitical Risk
Stocks pulled back on Thursday, led by a drop in software and higher oil prices, as investor uncertainty toward the trajectory of the Iran war hovered over the market, with the S&P 500 down 0.41% at 7,108.40 and the Nasdaq Composite declining 0.89%.
Energy Sector Pressure
Oil prices spiked in midday Thursday trading, with Western Texas Intermediate crude futures jumping nearly 4%, crossing $96.50.
Corporate Earnings Mixed
IBM and ServiceNow shares tumbled more than 8% and almost 18% respectively after posting quarterly results, with IBM beating earnings expectations but maintaining full-year guidance.
Sector-Specific Impact
Meta confirmed it will lay off 10% of its workforce, equating to about 8,000 employees, as it continues investing heavily into artificial intelligence, with job cuts initiating on May 20.