4.05pm: Stocks mixed at the close
US stocks finished the holiday-shortened week mixed, on hopes a deal will be reached to reopen the Strait of Hormuz to traffic.
The Nasdaq added 0.2% to 21,879 points, the S&P 500 was up 0.1% at 6,582 points, and the Dow Jones fell 0.2% to 46,504 points.
3:45pm: Proactive news headlines
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported high-grade results from its underground drilling at the True North project in Manitoba, confirming continuity in key early-production zones.
- Scancell Holdings PLC named David Schilansky as interim CFO and financial adviser as current CFO Sath Nirmalananthan prepares to step down later this month.
- Lumos Diagnostics Holdings Ltd received a CLIA waiver alongside FDA 510(k) clearance for its FebriDx test, enabling expanded U.S. point-of-care use.
- KGL Resources Ltd secured a US$300 million precious metals streaming deal with Wheaton Precious Metals to fund construction of the Jervois Copper Project while retaining full copper exposure.
- Tamboran Resources Corporation posted record initial production rates from its Shenandoah South 6H well in the Beetaloo Basin, reinforcing the project’s commercial potential ahead of first gas sales.
- Sovereign Metals Ltd reported successful rehabilitation trials at its Kasiya rutile-graphite project in Malawi, supporting integration of closure and community plans into the upcoming DFS.
2:35pm: Market movers
- Tilray Inc (NASDAQ:TLRY) received a reiterated Buy rating from Jefferies following a solid third-quarter report, with analysts citing improving fundamentals and stronger medium-term visibility.
- Ford Motor Company (NYSE:F) reported an 8.8% year-over-year decline in U.S. first-quarter sales, pressured by high borrowing costs, elevated vehicle prices, and reduced EV tax incentives.
- Tesla Inc (NASDAQ:TSLA) posted first-quarter deliveries below expectations at 358,023 vehicles, even as production and energy storage deployments remained robust.
- U.S. space stocks traded mixed after NASA’s Artemis II launch, with some companies gaining on optimism while others pulled back amid profit-taking.
1:25pm: Risk-off sentiment
"Trump's threat of hard strikes on Iran and its energy infrastructure provokes renewed bout of risk-off sentiment", says Axel Rudolph, Chief Technical Analyst at investing and trading platform IG.
"Markets turned sharply risk-off as oil prices and the US dollar surged, while equities sold off following President Trump’s unexpectedly hawkish tone on the Middle East conflict, though US indices managed to claw back most of their intraday losses," Rudolph added.
"Instead of signalling de-escalation, Trump warned of intensified military action, including potential strikes on critical infrastructure, forcing investors to reprice for a prolonged disruption to energy supply. As a result, the dollar gained on safe-haven demand and rising stagflation concerns, while crude rallied strongly on fears that significant volumes of oil could remain offline."
12:05pm: Auto deliveries a mixed bad
US automakers reported a mixed bag of vehicle deliveries in the first quarter, with Tesla and Ford seeing sales pressures while Rivian exceeded expectations, highlighting the challenges and opportunities in the electric vehicle market.
Tesla Inc (NASDAQ:TSLA) delivered 358,023 vehicles in the first quarter, missing Wall Street estimates of around 370,000, with production at 408,386 vehicles. Energy storage deployments reached 8.8 GWh. Deliveries were down about 14% from the previous quarter but slightly higher than Q1 2025.
Ford Motor Company (NYSE:F) saw U.S. sales drop 8.8% year-over-year in Q1, as higher borrowing costs, elevated prices, and reduced EV tax credits weighed on demand.
Rivian Automotive Inc (NASDAQ:RIVN) outperformed expectations, delivering 10,365 vehicles versus an estimated 9,678, with production at 10,236. The company reaffirmed its 2026 guidance of 62,000–67,000 vehicles, highlighting confidence in its manufacturing ramp.
11:00am: No clear end in sight
Investors are re-evaluating positioning after Trump’s speech on Wednesday evening that analyst Nigel Green described as “combin(ing) signals of a near-term conclusion with continued threats of escalation and no clear resolution on key risks,” including control of the Strait of Hormuz.
“Markets were beginning to price in more certainty; but this speech reintroduces more ambiguity,” Green, CEO at deVere Group, said.
“What they’ve heard now is far less definitive, and that uncertainty is likely to drive volatility across asset classes.”
Investors had hoped that the conflict could end within weeks. However, Trump’s latest remarks stopped short of confirming a clear timeline, stating instead that the war is “nearing completion” while also emphasising the need to “finish the job.”
10am: Tech and travel drop at open
US stocks have started firmly in the red but as has often been the case of late, are quickly trimming losses.
The Dow Jones is down just over 1% and the S&P 500 off 0.9%, while the Nasdaq is worst affected, falling 1.4%.
Losses on the Nasdaq 100 were led by chipmakers and AI-linked names, with Micron down 6.7%, followed by Lam Research, ARM, Marvell and AMD.
Shopify was down 5.2%, AppLovin 4.7% and Palantir 3.8%, suggesting a wider rotation out of technology and momentum trades.
On the broader S&P, losses in travel stocks are most notable, with airlines and cruise companies leading declines, with United Airlines and Southwest Airlines both off more than 6%, while Carnival and Norwegian Cruise Line are down 5-6%.
Elsewhere, Robinhood slipped 6.4% and Coinbase 5.3%.
7.25am: Oil surges on Trump speech to 'hit Iran extremely hard'
US stocks are set to fall on Thursday, giving back more than the previous day's gains after President Donald Trump warned the US would "hit Iran extremely hard" for up to three weeks.
The Nasdaq is expected to fall around 1.7%, with S&P 500 futures down 1.3% and the Dow Jones off 1.1%.
That comes after a more upbeat close on Wednesday, when hopes of a diplomatic off-ramp in Iran lifted sentiment. The Nasdaq led the way with a 1.2% gain, adding 250 points to finish at 21,841, while the S&P 500 rose 0.7% to 6,575 and the Dow Jones climbed 224 points or 0.5% to 46,566.
Markets turned after President Donald Trump gave a speech after markets closed on Wednesday evening, where he warned the US would step up strikes on Iran over the next two to three weeks, dampening expectations of a near-term resolution.
Oil prices have jumped in response, with WTI crude rising 8.6% to around almost $108 a barrel, as investors price in the risk of prolonged disruption through the Strait of Hormuz.
Precious metals have also retreated, with gold, silver and copper all lower, highlighting a broader repositioning across commodity markets as investors brace for volatility.
The shift saw Treasury yields rise and equities fall in pre-market trading, particularly in technology, where Nvidia and Alphabet shares were down around 2%, while Intel and Micron have fallen 3-4%.
Macro data due on Thursday includes US weekly initial jobless claims, trade balance and weekly natural gas storage.
It is the last trading day of the week, with US stock markets closed on Good Friday, though the March nonfarm payrolls report will still be released.