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The S&P 500 was relatively unchanged on Thursday as traders kept an eye on the Middle East, with a deal to reopen the key Strait of Hormuz in the works, besides weighing a slew of corporate earnings releases.
The Dow Jones Industrials plunged 463.96 points, to end Thursday at 53,885.16. weighed by a 4% drop in shares of Salesforce after the company announced a leadership shuffle.
The much-broader index backed off 13.57 points to 7,709.98.
The NASDAQ Composite fell 15.09 points to 26,348.35.
Sandisk shares dropped 4%. The memory name posted fiscal fourth-quarter results that failed to impress investors.
Additionally, AppLovin tumbled 19% on mixed quarterly results, and Western Digital shed 12% as the company’s first-quarter forecast disappointed investors. Those results topped expectations, however.
Over the past 12 months, Sandisk has soared 3,000%, while Western Digital has surged more than 500%.
Oil prices rose after Iranian state news, citing a member of the country’s parliament, reported that a draft plan regarding ship traffic conditions in the Strait of Hormuz would supposedly ban U.S. and Israeli ships from moving through the key passageway. The plan is currently being reviewed by an Iranian parliamentary committee, state news agency Fars said.
Prices for the 10-year Treasury fell, raising yields to 4.67% from Wednesday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.66 to $77.88 U.S. a barrel.
Gold prices plummeted $8.60 to $4,296.60 U.S. an ounce.
