4.20pm: Another day of losses
With no end in sight for the Middle East conflict, stocks remained under pressure while oil prices moved higher on Thursday.
The Nasdaq led the losses, down 2.45 at 21,406 points. The S&P 500 was down 1.7% at 6,447 points, and the Dow Jones fell 1% to 45,960 points.
3:45pm: Proactive news headlines
- Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) completed geochemical vector modeling at its Elvira gold project in Chile to refine exploration targets using geology, geophysics, surface samples, and AI-assisted analysis.
- VivoPower PLC (NASDAQ:VIVO, FRA:51J) secured Nasdaq approval for the “TEMB” ticker, advancing the planned listing of its electric vehicle subsidiary Tembo Group through a business combination with Cactus Acquisition.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) delivered strong 2025 results from its Tocantinzinho gold mine in Brazil, producing 171,871 ounces and exceeding metallurgical recovery guidance.
- Synchronoss Technologies Inc (NASDAQ:SNCR, FRA:H6K0) appointed Pat Doran as CEO following its acquisition by Lumine Group, with previous CEO and CFO stepping down.
- North Bay Resources Inc. (OTC:NBRI) agreed to acquire Bendito Resources for $25 million, gaining a portfolio of advanced and exploration-stage projects in Sonora, Mexico.
- American Resources Corp (NASDAQ:AREC) expanded the capacity of its ReElement Technologies rare earth refining campus in Indiana to over 16,000 metric tons per year, on track for initial production in Q3 2026.
- Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) began production testing at Kavango West 1X in Namibia while advancing offshore exploration in Gabon as part of its 2026 program.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) expanded its blockchain ticketing platform to accept Apple Pay and Google Pay, complementing existing cryptocurrency payment options for enterprise and public events.
- BioHarvest Sciences (BHST) said VINIA became the top-selling resveratrol polyphenol nutraceutical in the U.S., supported by its clinically studied cardiovascular benefits.
- Medicus Pharma (MDCX) entering a “catalyst-rich” 2026 after completing a Phase 2 study for SkinJect and expanding its pipeline into rare diseases, women’s health, and AI-enabled precision medicine.
2:45pm: Market movers
- Tower Semiconductor (TSEM) plans to expand cleanroom capacity for silicon photonics and SiGe production, signaling confidence that demand could exceed current optics-focused investments.
- Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) shares fell amid legal setbacks, layoffs, and investor concerns over high capital spending, as the broader tech sector also retreated.
- Reddit Inc (NYSE:RDDT) is rolling out new identity verification features, including age checks, optional verified profiles, and possible biometric tools, to confirm users are human while protecting privacy.
- Wave Life Sciences (WVE) shares dropped over 50% despite Phase 1 data for WVE-007 showing reductions in fat, increases in lean mass, and continued safety and tolerability.
- Pony.ai (PONY) reported a GAAP net profit largely driven by a paper gain, while core non-GAAP losses widened due to investments in fleet expansion, prompting a 13.6% share decline.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) delivered strong 2025 results with its Tocantinzinho gold mine completing its first full year of commercial production, producing 171,871 ounces and exceeding metallurgical recovery guidance.
1:30pm: Mortgage rates higher
Mortgage rates are moving higher again this week, pushing further above 6% as uncertainty around the conflict with Iran continues. The benchmark 30-year loan has now climbed to its highest level since early September.
Data from Freddie Mac shows the average 30-year fixed rate rose 16 basis points to 6.38% for the week ending Wednesday, while the 15-year rate jumped 21 basis points to 5.75%.
Freddie Mac chief economist Sam Khater said the housing market is still gradually improving compared to a year ago, even with recent rate swings. Purchase and refinance activity is up year-over-year, and rates are still below last year’s average of 6.65%, he noted.
Still, the renewed tensions in the Middle East have disrupted the drop in mortgage rates seen earlier this year, when borrowers briefly got a taste of three-year lows in February. The Mortgage Bankers Association said overall home loan applications fell 10.5% from the previous week.
12:10pm: Inflation persists
"Despite high oil prices the OECD sees modest growth ahead but raises its inflation forecast, putting pressure on stock indices", says Axel Rudolph, Chief Technical Analyst at investing and trading platform IG.
"Brent crude rose more than 5% to around $108 per barrel as renewed US pressure on Iran kept supply concerns elevated, particularly around the Strait of Hormuz, where disruptions may persist.
"Despite ongoing diplomatic efforts, Iran has rejected 'unacceptable' ceasefire proposals, while reports of potential shipping fees and increased US military presence underscore continued uncertainty."
11:05am: S&P 500 dips below key support
Momentum in the broader market has slowed, pushing the S&P 500 below its 200‑day moving average for the first time since last spring, according to Adam Turnquist at LPL Financial. Selling has been broad-based, with only 43% of S&P 500 stocks holding above their November lows.
Energy remains the standout, buoyed by tensions in Iran and the effective closure of the Strait of Hormuz. Financials, meanwhile, are showing the sharpest technical decline, with less than a quarter of sector stocks above November support—raising questions about the strength of the current bull market. Historically, trouble in financials has often signaled slower economic activity ahead, though the KBW Bank Index has recently bounced back above its own 200‑day moving average.
Turnquist notes that ongoing geopolitical risks and higher oil prices are weighing on risk appetite. A sustainable market rebound, he says, will likely hinge on progress toward a peace deal and reopening the Strait of Hormuz. For the S&P 500, holding above November lows is crucial, while a move back above 6,725 could help repair some of the recent technical damage—especially if more stocks start participating in the rally.
10am: Stocks open mixed, Cisco and IBM lead Dow higher
US stocks have opened mixed, with early losses quickly pared.
The Nasdaq is down 0.7%, but the Dow Jones is now up 0.2% after starting down, with the S&P 500 in the middle, down 0.35%.
Biggest Dow fallers are Nvidia, down 1.6%, with Boeing and Amazon also down over 1%.
Top risers are Cisco and IBM, both up over 1%, followed by Salesforce and United Health.
Chipmakers and tech names have led early S&P and Nasdaq losses, such as semiconductor equipment firms, data infrastructure groups and megacap tech, including Applovin, Lam Research, Micron, Intel, Palantir Technologies and Meta Platforms.
8.15am: Wall Street set to open lower as oil prices surge, Trump says Iran 'better get serious'
Wall Street stocks are set to start sharply lower on Thursday as energy prices are reignited by a seeming lack of diplomatic progress ahead of President Trump's five-day deadline on military strikes against Iran's energy infrastructure.
Nasdaq futures were down 1%, with the S&P 500 expected to drop 0.9% and the Dow Jones 0.8%.
This would undo all the gains from the previous session and more, as the Nasdaq had gained 0.8% to close at 21,929 points, while the Dow added 0.7% at 46,429 points and the S&P rose 0.5% to 6,591 points.
Front-month WTI crude oil prices were up over 4% to $94 a barrel.
Ahead of President Trump's five-day deadline expiring on Friday, government bonds were on the rise again, with the US 10yr Treasury yield up at 4.374% and the 2yr at 3.945%, both as high as they've been since last July-August.
Trump posted a short, all-caps post criticising Nato allies for doing "absolutely nothing to help" the US in its military campaign against Iran, following that by saying "the USA needs nothing from Nato".
He also posted the Iranian negotiators are "begging" to make a deal, "yet they publicly state that they are only 'looking at our proposal'... They better get serious soon, before it is too late".
Market analyst Jopsh Mahony at Scope Markets said traders are "waking up to the high likeliness that Trumps five-day extension passes without an agreement".
He said "fears are growing around a potential escalation over the course of the weekend" and, for stocks, "the negative relationship between inflation expectations and stockmarket sentiment means that the rise in crude seen today has dampened sentiment".
Daniela Hathorn at Capital.com said an escalation in the war, particularly involving strikes on energy infrastructure and 'boots on the ground', could have "far-reaching consequences, from a surge in oil and gas prices to potential disruptions in food and supply chains".
"That scenario would amplify inflation risks and tighten financial conditions globally, making it deeply negative for growth and risk assets. Importantly, it is also a scenario that would suit very few participants.
"The United States, despite its aggressive rhetoric, is unlikely to want to trigger a chain reaction that could destabilise the Gulf region and inflict economic pain not just on its allies, but on the global economy more broadly."
There were also signs that Washington is looking for an off-ramp, she said, "a way to de-escalate without appearing to concede", which "leaves markets in a state of uneasy balance".
Today sees economic data including initial jobless claims and continuing cvlaims, along with the Kansas City Fed Manufacturing Activity.
There will also be a raft of comments from Federal Reserve policymakers Lisa Cook, Stephan Miran, Philip Jefferson and Michael Barr, with markets looking for guidance over the direction of travel for rates.
Trump's appointment Miran has spent his time assuring markets that they will look through short-term inflation pressures from the current energy spike, "although his optimism is unlikely to be mirrored by the rest of the committee", said market analyst Josh Mahony at Scope Markets.
"Crucially, this looks to be more than simply a story around oil and gas, with the blockage ensuring that we are seeing higher prices and lower availability of key inputs such as fertilizer, helium, polyethene, and naphtha. That means higher prices for plastic goods, electronic goods, lower crop yields, and more."