Stock Market Today: Major Indexes End Lower as Software Stocks Sink, Oil Surges; S&P 500, Nasdaq Set New All-Time Highs Before Reversing
Major stock indexes declined on Thursday, with the S&P 500 and Nasdaq setting new all-time highs before reversing, as software shares slumped. Oil prices rose amid continued U.S.-Iran tensions over the Strait of Hormuz.
Major stock indexes ended lower on Thursday. The S&P 500 and Nasdaq set new all-time highs before reversing course. The tech-heavy Nasdaq finished 0.9% lower, while the S&P 500 and Dow Jones Industrial Average dropped 0.4%. Oil prices rose after Iranian state media reported the seizure of two ships in the Strait of Hormuz. West Texas Intermediate futures jumped nearly 4% to $96.50 a barrel. ServiceNow shares tanked 18% after the company blamed regional conflict for lackluster revenue growth. Microsoft led declines among the 'Magnificent Seven' tech giants, falling nearly 4%. The 10-year Treasury yield rose to 4.33%, and the U.S. dollar index advanced 0.2% to 98.82.
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