WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Thursday, adding to the modest losses posted in the previous session. The major averages have all moved to the downside, with the Nasdaq and S&P 500 pulling back further off their record highs.
The major averages staged a brief recovery attempt after an early slump but have pulled back since then. The Dow is down 200.09 points or 0.4 percent at 50,979.78, the Nasdaq is down 132.27 points or 0.5 percent at 27,406.42 and the S&P 500 is down 25.24 points or 0.3 percent at 7,776.53.
The weakness on Wall Street comes amid a renewed spike in crude oil prices due to concerns about a re-escalation of the conflict in the Middle East.
U.S. crude oil futures are spiking by more than 5 percent on the day, while international benchmark Brent crude futures have soared back well above $100 a barrel.
Crude oil prices are surging after a report from NBC News said President Donald Trump and his national security team have discussed possibly resuming large-scale U.S. military operations in Iran in the coming weeks.
Citing a U.S. official and another person with knowledge of the discussions, NBC News said the talks included the option of launching strikes before the midterm elections next month
A separate report from Axios said the Pentagon has instructed U.S. Central Command to be ready to resume major combat operations in Iran.
Ongoing attacks on tankers in the Middle East and concerns about hurricane-related production disruption in the Gulf of Mexico have also driven crude oil prices higher.
The jump in crude oil prices along with concerns about the outlook for interest rates have also contributed to a renewed advance by treasury yields, which ended the previous session little changed after an early surge.
'The higher the oil price goes, the more volatility to expect on financial markets,' said Dan Coatsworth, head of markets at AJ Bell. 'Bond investors have made it clear they are concerned by the prospect of rising inflation feeding into higher interest rates and potentially economic setbacks.'
'Equity investors have been relatively relaxed versus bond investors thanks to positive corporate news flow keeping spirits high,' he added. 'But that situation might not be sustainable if higher costs start to crimp corporate profits.'
Sector News
Biotechnology stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Biotechnology Index down by 2.7 percent to its lowest intraday level in well over a month.
Significant weakness is also visible among pharmaceutical stocks, as reflected by the 2.3 percent slump by the NYSE Arca Pharmaceutical Index.
Healthcare, networking and telecom stocks are also seeing considerable weakness, while energy stocks have moved sharply higher along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index and Hong Kong's Hang Seng Index both tumbled by 1.4 percent, while China's Shanghai Composite Index slid by 0.8 percent.
The major European markets have also moved to the downside on the day. While the German DAX Index is down by 1 percent, the French CAC 40 Index is down by 0.4 percent and the U.K.'s FTSE 100 Index is just below the unchanged line
In the bond market, treasuries are under pressure after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.6 basis points at 5.303 percent.
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