Though the Nasdaq and S&P 500 earlier scored intraday record highs, both indexes settled lower on Thursday, the former dropping triple digits amid software sector weakness. The Dow marked a steep loss as oil prices surged and geopolitical concerns came back into focus, with President Donald Trump earlier ordering the U.S. Navy to “shoot and kill any boat” laying mines along the Strait of Hormuz with "no hesitation."
Unconfirmed reports that Iran's top negotiator with the U.S. resigned also weighed, sparking concerns around the country's Revolutionary Guard control. Plus, Reuters reported that Iran's air defenses were heard “engaging hostile targets” in Tehran. In response to the uncertainty, the Cboe Volatility Index (VIX) saw its third gain in four sessions.
Oil Rallies on Alleged Iran Negotiator Resignation
Oil prices settled higher on Thursday amid unconfirmed reports that Iran’s top negotiator with the U.S. has resigned. June-dated West Texas Intermediate (WTI) rose over 3% to finish at $95.85 per barrel.
Gold prices settled lower as inflation concerns gripped Wall Street, with crude prices surging and the greenback growing stronger. June-dated gold shed 0.6% to settle at $4,727 an ounce.
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