Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on April 2, 2026.
Charly Triballeau | Afp | Getty Images
Stocks clawed back earlier losses to turn positive on Thursday as investors continued to monitor the Iran war and rising oil prices.
The Dow Jones Industrial Average was last trading around the flatline. The S&P 500 and the Nasdaq Composite were also flat. At their lows of the session, the Dow was down more than 600 points, or 1.4%, while the S&P 500 and Nasdaq were down 1.5% and 2.2%, respectively.
The three major indexes ripped higher after Iranian state media said that the Middle Eastern country is working with Oman on a protocol for ships passing through the Strait of Hormuz.
“It’s pivotal for the United States that the Strait is reopened, not so much because of oil but because of helium,” said Todd Schoenberger, CIO at CrossCheck Management. “Currently in our own domestic economy, helium is more valuable than foreign oil because it’s used to cool the processing of semiconductors and there is no substitute for it. Expect more volatility going into the long weekend.”
President Donald Trump delivered an address Wednesday night, providing updates on the Middle East conflict. Though he said that the U.S. is “getting very close” to ending the Iran war, Trump added that the nation would “hit” Tehran “extremely hard.”
“Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” the president said.
His comments led to a surge in oil prices. West Texas Intermediate crude futures were last up 8% at above $108 per barrel, while Brent crude futures advanced 5% to above $106 a barrel.
“The longer oil prices stay higher, the less consumers will have to spend, and the more the economy will slow,” Kevin Mahn, CIO of Hennion & Walsh, told CNBC’s “Squawk Box” in an interview. He added that he doesn’t expect the Federal Reserve to move on rates in the near future, so “we’re going to have to wait for a resolution in the conflict to actually see some respite with respect to oil prices and inflation.”
Investors are coming off a winning session after Trump said in a post that Iran’s president had asked the U.S. for a ceasefire. However, he added that the U.S. would only “consider” the offer once the Straight of Hormuz was “open, free, and clear.”
The announcement came after the president told reporters at the White House on Tuesday afternoon that he expects U.S. military forces will leave Iran in “two or three weeks.”
Thursday marks the last trading day of the shortened week, as markets are closed for Good Friday. On Thursday morning traders will watch out for initial jobless claims for the week ending March 28, while March’s jobs report is set for release on Friday morning.
— CNBC’s Spencer Kimball contributed reporting.
