Updated 2 min read
US stocks fell on Thursday, erasing opening gains as Big Tech stocks pulled back and investors watched for progress on a second round of talks to extend the Middle East ceasefire.
The tech-heavy Nasdaq Composite (^IXIC) and Dow Jones Industrial Average (^DJI) both lost roughly 0.2% less than an hour after starting the session higher. The S&P 500 (^GSPC) shed about 0.1% after a strong session on Wednesday that pushed the broad benchmark above 7,000 for the first time.
In the Middle East, the US and Iran are reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22, with both sides said to be in favor of an extension. The US is still “very much engaged in these negotiations,” Karoline Levitt, the White House press secretary, said on Wednesday.
In the tech sector, the largest companies in the S&P 500 spent the morning turning into the red. The Roundhill Magnificent Seven ETF (MAGS), which tracks the performance of the so-called Magnificent Seven stocks, lost 0.6% on Wednesday.
On deck is a fresh batch of corporate earnings, with highlight Netflix (NFLX) scheduled to report after the closing bell on Thursday. Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat expectations on both earnings per share and revenue, while Charles Schwab (SCHW) earnings topped estimates but undershot on revenue.
On the economic data front, initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday.
Meanwhile, industrial production slowed 0.5% in March, missing estimates of 0.1% growth. In the previous two months, manufacturing output showed signs of recovery from Trump’s tariffs. But the surge in oil prices amid the Iran war could hamper growth.
LIVE 13 updates
-
The stock market’s big breakout still needs an under-the-hood check
The S&P 500 (^GSPC) just broke out to new highs. The next question is whether it holds.
This morning, I noted that the index had flashed a rare bullish thrust signal, rising 10% in only 11 trading days. Now the question is whether this breakout sticks, or starts to look more like the dot-com peak — a brief push to new highs before a sharp reversal.
The best tell may be what’s happening under the hood. One simple way to track that is the advance-decline line, a running measure of how many S&P 500 stocks are rising versus falling.
After last year’s Liberation Day selloff, breadth confirmed the recovery early. The A-D line peaked first in late 2024, then exceeded that high on May 2, 2025. Only after that did the S&P 500 reclaim and exceed its own prior peak on June 27, 2025.
Today, the sequence is a little different. The S&P 500 peaked on January 27, 2026. Breadth peaked a month later on February 27, and price has already pushed to a new closing high as of April 15.
That keeps the setup bullish. But until breadth confirms too, this breakout is not fully confirmed.
-
AI could drive US GDP growth of more than 10% by 2034: BNP Paribas
US gross domestic product (GDP) could grow by more than 10% by 2034 on the back of large-scale economic growth driven by the boom in AI, BNP Paribas economists wrote in a client note on Wednesday.
“The AI boom will be a period of optimism, in our view, in which the decisions of consumers, businesses and investors are informed by expectations of strong and sustained productivity growth,” the economists wrote.
While BNP Paribas expects the US, Europe, and the UK to all benefit economically from the advent of the technology, the US is best positioned to see the largest benefits, the economists wrote.
US GDP alone is likely to grow by 6.7% by 2034 under the bank’s central scenario, while the economists see GDP growth across the US, UK, and Europe averaging 4% above the baseline.
“These results broadly match the historical experience of the [information and communications technology] revolution, when the US pulled ahead of Europe,” the economists wrote.
-
The stock market’s surge to record highs on Wednesday set a record
The S&P 500 closed above 7,000 for the first time on Wednesday, marking the index’s first record close since January and a return to new highs after two months of disruptions tagged to private credit, an AI software apocalypse, and then the outbreak of the US-Iran war.
At its trough, the S&P 500 was down 9% from its late January highs.
With Wednesday’s close, the index returned to a record just 11 days after reaching this nadir.
And according to data from Bespoke Investment Group, this marks the fastest move from a correction of this size to a new record high since 1928.
Here’s Bespoke:
-
Nasdaq extends its run as semis cool off
The Nasdaq Composite (^IXIC) and Nasdaq 100 (^NDX) both notched their second intraday record highs of 2026 at the open. The S&P 500 (^GSPC) did the same, bringing its 2026 total to eight, while the Dow Transports (^DJT) just logged their 16th all-time high of the year.
Both Nasdaq indexes, along with large-cap tech (XLK), are on track to extend their winning streaks to a historic 12 days. Semiconductors (SOXX), meanwhile, are in the red and set to snap an 11-day streak.
Interestingly, not a single large-cap sector has made a record high in this comeback, either intraday or on a closing basis. Even so, small-cap tech (PSCT) has become the first sector in its cohort to hit an intraday record high, and the Russell 2000 (^RUT) is within a hair of its first record closing high since January.
-
US stocks tick up at the opening bell
US edged up at the opening bell on Thursday after Wednesday saw the S&P 500 cross over 7,000 for the first time.
The Dow Jones Industrial Average (^DJI) led gains with an advance of roughly 0.4%, while the S&P 500 (^GSPC) gained roughly 0.2%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) hovered just above the flatline.
Investors are watching for signs of progress between the US and Iran on the war in the Middle East, with the two sides now reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22.
Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat on both the top and bottom lines, while Charles Schwab (SCHW) reported above expectations on earnings but fell below revenue estimates. Standout Netflix (NFLX) is set to report after the closing bell.
Initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday.
-
Initial jobless claims fall in sign of low-hire, low-fire labor market
Initial jobless claims fell to 207,000 in the week ended April 11, according to data released by the Department of Labor on Thursday, coming in below the previous week’s revised tally of 218,000 claims.
Economists had expected initial claims of 213,000 for the week, according to consensus estimates compiled by Bloomberg.
The falling unemployment claims came after the Federal Reserve released its Beige Book, which is published eight times per year. Most districts, the Fed wrote, “described labor demand as stable, with low turnover, minimal layoffs, and hiring mostly for replacement.”
Continuing claims, which track the unemployed population still seeking work, rose to 1.82 million for the week ended April 4, above economists’ expectations of 1.81 million and the previous week’s 1.79 million.
-
We’re in our ‘Long Island AI’ era as shoe brand Allbirds goes full AI
What Allbirds is doing is not all that different from Big Tech’s embarrassing, conformist, trend-jacking turn to AI not that long ago.
Yahoo Finance’s Hamza Shaban writes:
Read more here in today’s takeaway from the Morning Brief.
-
The S&P 500 just flashed a rare bullish signal — with a dot-com catch: Chart of the Day
The S&P 500 (^GSPC) just pulled off a rare sprint, notes Yahoo Finance’s Jared Blikre.
He writes:
-
US and Iran weigh truce extension with Hormuz still shuttered
From Bloomberg:
The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the risk of renewed fighting despite an intensifying standoff over the Strait of Hormuz.
With the initial truce due to expire next week, mediators are seeking technical talks to overcome the most contentious issues preventing a longer-term agreement, said the person, who asked not to be identified discussing sensitive matters. Those include reopening Hormuz and the future of Iran’s nuclear program.
Tensions remain high over the strait, a critical waterway for oil and gas that’s been effectively shuttered since the start of the war almost seven weeks ago. The US has set up a naval blockade to cut off Iranian shipments, and said Wednesday that 10 vessels have been forced to turn around. Tehran is keeping the strait closed to most other traffic.
… The US hasn’t “formally requested an extension of the ceasefire,” White House Press Secretary Karoline Leavitt told reporters Wednesday. But she acknowledged “we remain very much engaged in these negotiations.”
The US is sending thousands of additional troops to the Middle East in the coming days to pressure Tehran into making a deal or to prepare for strikes if the ceasefire ends, the Washington Post reported, citing current and former officials it didn’t name.
-
Japan’s Nikkei closes at record high, wiping out Iran war losses
Japan’s Nikkei 225 Stock Average (^N225) ended Thursday’s session at a new record high, erasing its losses from the Iran war amid optimism that new peace talks could speed an end to the conflict.
Bloomberg reports:
-
CATL, worlds largest EV battery shares jump as markets pivot
Bloomberg reports:
-
Oil holds as potential peace talks provide stability
Bloomberg reports:
-
TSMC on track for fourth quarter of record earnings
Reuters reports:
