Stock Market Today: Dow Jones, S&P 500 Futures Fall As Trump Prepares To ‘Unleash Hell’ On Iran—Pony AI, Worthington Steel, Olaplex Holdings In Focus – State Street SPDR S&P 500 ETF Trust (ARCA:SPY)

U.S. stock futures fell on Thursday following Wednesday’s advances. Futures of the major benchmark indices were lower.

White House Press Secretary Karoline Leavitt said in a media briefing on Wednesday that “If Iran fails to accept the reality of the current moment… President Trump will ensure they are hit harder than they have ever been hit before… he is prepared to unleash hell.”

This unfolded as President Donald Trump said on Wednesday that Iran was eager to reach a deal to end nearly four weeks of fighting, contradicting Iran’s foreign minister, who said Tehran was reviewing a U.S. proposal but had no plans to negotiate an end to the conflict.

Meanwhile, the 10-year Treasury bond yielded 4.37%, and the two-year bond was at 3.94%. The CME Group’s FedWatch tool‘s projections show markets pricing a 93.8% likelihood of the Federal Reserve leaving the current interest rates unchanged in its April meeting.

Stocks In Focus

Olaplex Holdings

• Benzinga’s Edge Stock Rankings indicate that OLPX maintains a weak price trend over the long, short, and medium terms.

FiscalNote Holdings

• Benzinga’s Edge Stock Rankings indicate that NOTE maintains a weak trend in the long, short, and medium terms.

Worthington Steel

• Worthington Steel Inc. (NYSE:WS) plunged 14.04% after reporting weaker-than-expected third-quarter financial results.

• Benzinga’s Edge Stock Rankings indicate that WS maintains a weak price trend over the short, medium, and long terms, with a solid value score.

MillerKnoll

• MillerKnoll Inc. (NASDAQ:MLKN) slumped 19.16% after reporting worse-than-expected third-quarter financial results and issuing weak fourth-quarter earnings guidance.

• Benzinga’s Edge Stock Rankings indicate that MLKN maintains a weak trend in the short, long, and medium terms, with a poor growth score.

Pony AI

• Benzinga’s Edge Stock Rankings indicate that PONY maintains a weak price trend in the short, medium, and long terms.

Cues From Last Session

Consumer discretionary, materials, and health care stocks led the S&P 500 higher on Wednesday, while energy and real estate shares finished in the red.

Insights From Analysts

According to BlackRock‘s March 2026 commentary, the firm has downgraded U.S. stocks to neutral as escalating Middle East conflict creates a significant “macro shock.”

This geopolitical instability has triggered a “sharp repricing in energy markets,” leading to expectations of a prolonged supply disruption that could drag on global growth by approximately 0.75%.

BlackRock highlights a growing “market disconnect,” noting that current equity prices do not yet reflect the “macro damage that energy pricing implies.” While the S&P 500 remains near record highs, the firm warns that higher energy costs and uncertainty will soon weigh on demand.

Economically, the “energy shock has further weakened the case for the Fed’s easing rates this year.” Market expectations have shifted dramatically from anticipating three rate cuts to “veering toward a hike.”

BlackRock suggests that the window for Fed intervention is “closing fast” as persistent inflation and high debt burdens keep bond yields elevated. Consequently, they are “dialing down tactical risk,” remaining cautious until tangible evidence of de-escalation appears.

Upcoming Economic Data

Here’s what investors will be keeping an eye on Thursday.

• Initial jobless claims for the week ending March 21 will be out by 8:30 a.m. ET.
• A series of Fed speakers are scheduled for the evening, including Governor Lisa Cook at 4:00 p.m., Governor Stephen Miran at 6:30 p.m., Vice Chair Philip Jefferson at 7:00 p.m., and Governor Michael Barr at 7:10 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 3.55% to hover around $93.53 per barrel.

Gold Spot US Dollar fell 1.72% to hover around $4,428.84 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.08% higher at the 99.6820 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.50% higher at $71,238.02 per coin, as per the last 24 hours.

Asian markets closed lower on Thursday, except India’s Nifty 50 index. South Korea’s Kospi, Japan’s Nikkei 225, China’s CSI 300, Australia’s ASX 200, and Hong Kong’s Hang Seng indices fell. European markets were also lower in early trade.

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