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Stock market today: Dow, S&P 500, Nasdaq futures slide after Trump delays strikes on Iran power plants
US stocks dropped on Friday despite President Trump further delaying promised US strikes on Iran’s energy infrastructure, as oil rallied amid doubts about the chances of a peace deal.
The tech-heavy Nasdaq Composite (^IXIC) dropped 1.3%, sinking further into correction territory. Meanwhile, the Dow Jones Industrial Average (^DJI) fell 1%, while the S&P 500 (^GSPC) moved 0.9% lower, following steep losses for Wall Street stocks on Thursday.
Oil prices pushed over 2% higher on Friday as attacks continued across the Middle East, raising concerns the war could run into April and beyond. Brent crude (BZ=F) traded above $104 a barrel, while West Texas Intermediate (CL=F) topped $97 as investors eyed the growing economic hit from the halt to Strait of Hormuz traffic.
Stocks rally, oil prices fall amid talk of Iran ceasefire
U.S. stocks rose Wednesday and global oil prices fell in yet another volatile trading session as traders and investors were buffeted by constant headlines about the war in Iran.
News of a 15-point U.S. peace plan proposal sparked hopes early in the day that the Trump administration was moving to end its monthlong war against Iran. Initially, the S&P 500 and the Nasdaq 100 futures rose more than 1%.
But reports that Iran had responded negatively to the proposal briefly knocked index futures off their pre-market highs and lifted oil prices off their morning lows.
Despite the early setback, stocks closed the trading day higher. At 4 p.m. ET, the S&P 500 index was up about 0.4%, the Nasdaq Composite closed 0.7% higher, and the Dow jumped 305 points. The Russell 2000 index of smaller companies rose 1.1%.
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