The S&P 500 and the Nasdaq gained on Thursday, driven by robust corporate results even as anxieties regarding a broadening conflict with Iran intensified.
At the open, the S&P 500 rose 25.8 points, or 0.36%, to 7,161.75, while the Nasdaq Composite rose 186.7 points, or 0.76%, to 24,859.941. The Dow Jones Industrial Average fell 98.9 points, or 0.20%, to 48,762.93.
Energy markets experienced significant turbulence, with crude oil prices whipsawing and pushing toward their highest peaks since the onset of hostilities.
Earlier in the day, oil futures had dipped as deadlocked negotiations between the US and Iran cast a shadow over the potential reopening of the Strait of Hormuz and the prospect of a lasting ceasefire.
In the technology sector, Meta Platforms saw its stock plummet nearly 10%, while Google’s parent company, Alphabet, enjoyed a surge of over 6%. These dramatic shifts occurred just a day after the industry giants released quarterly figures, revealing sharply contrasting market sentiment regarding their massive investments in artificial intelligence.
Other tech leaders felt the pressure as well; Amazon and Microsoft, which also disclosed their earnings on Wednesday, saw shares decline by 2% and 3.7%, respectively, as investors weighed the long-term costs of their AI strategies.
