The S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.
The Dow Jones Industrials index capsized 313.99 points to 49,596.60.
The broader market faltered 28.01 points to 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron Technology
The NASDAQ sagged 32.75 points, to 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session.
Along with declining oil prices, more strong quarterly results helped sentiment as well. Shares of DoorDash added more than 1% after the food delivery giant issued rosy guidance for orders in its second quarter.
Meanwhile, Fortinet climbed 22% after lifting its full-year billings guidance.
An Iranian foreign ministry spokesperson said to media outlets Wednesday that Iran was evaluating a U.S. proposal for a resolution. Iran has yet to reach a final conclusion on the matter, and the country has not given a response to the U.S., Iranian state media reported Thursday.
A senior Iranian official said that the Middle Eastern country would not allow the U.S. re-open the key Strait of Hormuz passageway with an “unrealistic plan,” Iran’s state-owned Press TV reported Thursday. Iran would also not let the U.S. leave the conflict without paying reparations for the damage inflicted on the country, the official added.
Prices for the 10-year Treasury hesitated, raising yields to 4.39% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.15 to $96.23 U.S. a barrel.
Gold prices strengthened $24.90 to $4,719.20 U.S. an ounce.
