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Stocks resumed their decline Thursday after a one-day respite as concerns over the Iran war flared up again with U.S. crude topping $80 per barrel.
The Dow Jones Industrials stumbled 784.67 points, or 1.6%, to 47,954.74, weighed down by losses in stocks such as Caterpillar and Goldman Sachs. The stock selloff was led by Boeing, Caterpillar and other names that stand to lose the most if the global economy slows.
The S&P 500 index dived 38.79 points to 6,830.71.
The NASDAQ ditched 58.5 points to 22,748.99.
Class A and B shares of Berkshire Hathaway were a bright spot in the trading day. Both gained more than 1% after the conglomerate disclosed that it started repurchasing its own shares again for the first time since 2024. CEO Greg Abel also bought $15 million worth of stock himself.
Defense Secretary Pete Hegseth said in a briefing with reporters that the U.S. is “winning decisively” in its conflict with Iran and that more forces are arriving to the region. Separately, Treasury Secretary Scott Bessent said on that Trump’s recently announced 15% global tariff will likely go into effect this week.
Prices for the 10-year Treasury weakened, hiking yields to 4.13% from Wednesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices recovered $5.15 to $79.81 U.S. a barrel.
Gold prices dimmed $45.30 to $5,089.40 U.S. an ounce.
