Stock market today: S&P 500, Dow, Nasdaq fall as tech sector pulls back, US-Iran truce in focus
US stocks fell on Thursday, erasing opening gains as Big Tech stocks pulled back and investors watched for progress on a second round of talks to extend the Middle East ceasefire.
The tech-heavy Nasdaq Composite (^IXIC) and Dow Jones Industrial Average (^DJI) both lost roughly 0.2% less than an hour after starting the session higher. The S&P 500 (^GSPC) shed about 0.1% after a strong session on Wednesday that pushed the broad benchmark above 7,000 for the first time.
In the Middle East, the US and Iran are reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22, with both sides said to be in favor of an extension. The US is still “very much engaged in these negotiations,” Karoline Levitt, the White House press secretary, said on Wednesday.
In the tech sector, the largest companies in the S&P 500 spent the morning turning into the red. The Roundhill Magnificent Seven ETF (MAGS), which tracks the performance of the so-called Magnificent Seven stocks, lost 0.6% on Wednesday.
On deck is a fresh batch of corporate earnings, with highlight Netflix (NFLX) scheduled to report after the closing bell on Thursday. Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat expectations on both earnings per share and revenue, while Charles Schwab (SCHW) earnings topped estimates but undershot on revenue.
On the economic data front, initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday.
Meanwhile, industrial production slowed 0.5% in March, missing estimates of 0.1% growth. In the previous two months, manufacturing output showed signs of recovery from Trump’s tariffs. But the surge in oil prices amid the Iran war could hamper growth.
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Nasdaq extends its run as semis cool off
The Nasdaq Composite (^IXIC) and Nasdaq 100 (^NDX) both notched their second intraday record highs of 2026 at the open. The S&P 500 (^GSPC) did the same, bringing its 2026 total to eight, while the Dow Transports (^DJT) just logged their 16th all-time high of the year.
Both Nasdaq indexes, along with large-cap tech (XLK), are on track to extend their winning streaks to a historic 12 days. Semiconductors (SOXX), meanwhile, are in the red and set to snap an 11-day streak.
Interestingly, not a single large-cap sector has made a record high in this comeback, either intraday or on a closing basis. Even so, small-cap tech (PSCT) has become the first sector in its cohort to hit an intraday record high, and the Russell 2000 (^RUT) is within a hair of its first record closing high since January.
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US stocks tick up at the opening bell
US edged up at the opening bell on Thursday after Wednesday saw the S&P 500 cross over 7,000 for the first time.
The Dow Jones Industrial Average (^DJI) led gains with an advance of roughly 0.4%, while the S&P 500 (^GSPC) gained roughly 0.2%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) hovered just above the flatline.
Investors are watching for signs of progress between the US and Iran on the war in the Middle East, with the two sides now reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22.
Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat on both the top and bottom lines, while Charles Schwab (SCHW) reported above expectations on earnings but fell below revenue estimates. Standout Netflix (NFLX) is set to report after the closing bell.
Initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday.
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