Dow futures inch higher after blue-chip index posts new record close: Live updates - CNBC
U.S. stock markets declined as investors reacted to disappointing corporate earnings and rising geopolitical tensions in the Middle East. Oil prices surged following reports of potential Iranian restrictions on shipping in the Strait of Hormuz.
Why it matters
Market volatility driven by earnings reports and geopolitical instability directly impacts global economic stability and energy prices.
The S&P 500 fell on Thursday as traders kept an eye on the Middle East, with a deal to reopen the key Strait of Hormuz in the works, and weighed a slew of corporate earnings releases.
The broad market index lost 0.18% to end at 7,709.96, while the Nasdaq Composite declined 0.06% to 26,348.35. The Dow Jones Industrial Average fell 464.02 points, or 0.85%, to close at 53,885. The 30-stock index was weighed down by a 3% drop in shares of Salesforce after the company announced a leadership shuffle .
Sandisk shares dropped more than 6%. The memory name posted fiscal fourth-quarter results that failed to impress investors.
Additionally, AppLovin tumbled nearly 20% on mixed quarterly results, and Western Digital shed 13% as the company's first-quarter forecast disappointed investors. Its fourth-quarter results topped expectations, however.
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