A broad finance sector selloff also added pressure
Geopolitical tensions continued to sway sentiment on Thursday, pressuring stocks lower once again as crude prices continued to climb. Driving this afternoon's surge in oil prices were comments from Iran's new Supreme Leader Mojtaba Khamenei, who said the Strait of Hormuz must stay closed. Per Energy Secretary Chris Wright, the U.S. Navy is "not ready" to usher tankers through the Strait.
A broad finance sector selloff added pressure as well, pushing the Dow more than 700 points lower. The blue-chip index saw a third-straight loss, while alongside the S&P 500 and Nasdaq marked a triple-digit drop. Elsewhere, the Cboe Volatility Index (VIX) enjoyed its first gain in four sessions.
Continue reading for more on today's market, including:
- Will Lennar stock continue its post-earnings curse?
- Palantir partnership sends drone stock flying higher.
- Plus, surging aerospace name; four tactics for trading; and AI-triggered layoffs at Atlassian.
5 Things to Know Today
- AI is now being integrated into dating apps, says Tinder. (Bloomberg)
- A bill regarding housing affordability has made its way successfully through the Senate, banning investors from purchasing single-family houses. (CNBC)
- This aerospace stock just took flight.
- Consider these four factors when trading stocks.
- AI-induced layoffs gave shares of Atlassian a lift.
Oil Prices Extend Surge on Iran Comments
Oil prices continued to surge, with an added push from Iran's Khamenei's comments regarding the Strait of Hormuz closure. While Brent crude settled at $100, April-dated West Texas Intermediate (WTI) crude rose 9.7% to close at $95.73 per barrel.
As the U.S. dollar continued to rise and worries around borrowing costs resume, investors retreated from safe havens. April-dated gold futures fell 0.3% to settle at $5,165.10 an ounce.