U.S. stocks ended mixed on Thursday, with oil prices surging following threats from President Donald Trump that he would take harsh action against Iran and that the war could continue for weeks. However, deeper losses were pared after diplomatic signals from Iran helped calm investors. The Dow declined, while the S&P 500 and the Nasdaq ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% or 61.07 points, to finish at 46,504.67 points, after losing as much as 600 points at its session lows.
The S&P 500 rose 0.1% to close at 6,582.69 points, after declining as much as 1.5% at its session lows. Tech and consumer staples stocks were the biggest gainers, while consumer discretionary stocks were the worst performers.
The Information Technology Select Sector SPDR (XLK) gained 0.7%. The Consumer Staples Select Sector SPDR (XLP) also rose 0.7%. The Consumer Discretionary Select Sector SPDR (XLY) declined 1.5%. The Health Care Select Sector SPDR (XLV) fell 0.7%. Seven out of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq climbed 0.2% to end at 21,879.18 points.
The fear gauge, CBOE Volatility Index (VIX), fell to 23.87. A total of 16.75 billion shares were traded on Thursday, lower than the last 20-session average of 17.82 billion.
Iran Conflict Continues to Weigh on Markets
Stocks took a massive beating earlier on Thursday. However, investors’ sentiment rebounded slightly in the afternoon after Iran’s foreign ministry said that it was drafting a “protocol with Oman” to manage ships passing through the Strait of Hormuz.
The United Kingdom also said that it was in talks with several other countries on means to end the Strait of Hormuz crisis. This somewhat eased concerns over the global oil crisis dragging on for a longer period.
The back-to-back developments saw all three major indexes swinging between gains and losses throughout the session. Earlier in the day, stocks suffered after Trump threatened more aggressive action against Iran if it didn’t allow passage to ships passing through the Strait of Hormuz.
Oil Prices Surge
Trump said on Wednesday night that the United States would hit Iran “hard” despite claiming that a deal to end the war was near. Oil prices surged following his announcement.
West Texas Intermediate crude futures jumped 11.41% to settle at $111.54 a barrel. Brent crude futures also ended 7.78% higher to close at $109.03 per barrel. Shares of Chevron Corporation (CVX) gained 0.8%. Chevron has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Meanwhile, shares of Tesla, Inc. (TSLA) ended 5.4% lower after reporting its weakest quarterly deliveries in a year. Tesla cited an imbalance in production and deliveries, saying it produced 50,363 more vehicles than it delivered in the first quarter of 2026.
Economic Data
In economic data released on Thursday, the Labor Department said that jobless claims totaled 202,000 for the week ending March 28, a decrease of 9,000 from the previous week’s revised level of 211,000. The four-week moving average was 207,750, a decrease of 3,000 from the previous week’s revised average of 210,750.
Continuing claims came in at 1,841,000, reflecting an increase of 25,000 from the previous week’s revised level of 1,816,000. The 4-week moving average was 1,838,750, a decrease of 7,500 from the previous week’s revised average of 1,846,250.
Although markets remained closed on Friday due to Good Friday, a spate of economic data was released. Nonfarm payrolls increased 178,000 in March, the Labor Department said on Friday. This came after a 133,000 decline in February.
Unemployment rate declined to 4.3% in March after increasing to 4.4% in the previous month. Average hourly earnings on private nonfarm payrolls increased $0.09, or 0.2%, to $37.38. The average workweek declined by 0.1 hour to 34.2 hours in March.
Weekly Roundup
Wall Street saw volatile trading for most of the week, with major indexes giving up gains. However, all three major indexes ended in the green for the week. The S&P 500 ended the week 3.4% higher. The Dow finished 3% for the week, while the Nasdaq gained 4.4%.
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