Stock Market Today: Dow Drops As Trump's War Comments Hit Stocks; Oil Surges (Live Coverage)

The Dow Jones Industrial Average and other major stock indexes continued to languish near session lows in afternoon action Thursday after President Donald Trump warned Iran to “get serious soon” about a peace deal. Trump also noted some encouraging signs on ships passing through the Strait of Hormuz, but that didn’t seem to scare away the bears on the stock market today.

The Dow’s earlier venture into positive territory became a distant memory as blue chips posted a loss of 0.9%. The S&P 500 dropped 1.5% while the Nasdaq composite plunged 2.1%, with the tech-dominated index undercutting Friday’s lows. The index is off 10% from its peak of 24,019.99. Small caps on the Russell 2000 fell 1.5%.

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The 10-year Treasury yield climbed to 4.41%. U.S. oil prices rallied more than 4%, with West Texas intermediate crude trading above $94 a barrel.

On Thursday Trump said that the stock market’s reaction to the war and the surge in oil prices has not been as bad as he expected. He observed that oil is “going to come back down to where it was and probably lower,” CNBC reported.

Trump also noted that Iran let several Pakistan-flagged oil ships through the Strait of Hormuz this week, the Wall Street Journal said Thursday.

Magnificent Seven: Meta Hits New Low

Among Magnificent Seven stocks, Meta (META) hit a new low on the stock market today. Shares are back to levels last seen in May 2025 after back-to-back court rulings found the Facebook parent liable for harming young people by exposing them to unsafe content.

Meta plunged nearly 9% on the news as Wall Street feared a “big tobacco moment” for social media giants. Facebook and other sites have been accused of creating addictive behavior in youths and other social media users.

Among other Magnificent Seven stocks, Alphabet (GOOGL) skidded more than 3%, testing November lows.

Nvidia (NVDA) dropped nearly 4% and fell below its 200-day moving average but remained in a base. Tesla (TSLA), Amazon (AMZN) and Microsoft (MSFT) all fell between 1% and 3%.

But Apple (AAPL) managed a gain. The iPhone maker was up 0.7% on the stock market today.

1:45 p.m. ET

Stock Market Today: Chip Designer Breaks Out

Bucking the larger sell-off, chip designer Cirrus Logic (CRUS) broke out of a flat base at a buy point of 146.88. The blue dot on its chart on IBD MarketSurge shows that the relative strength line is at a new high.

Shares jumped nearly 7%, on track for a four-day winning streak. Cirrus makes mixed-signal chips used in mobile phones and consumer devices.

1:15 p.m. ET

Biotech Stock Craters

In stocks,** Wave Life Sciences** (WVE) cratered nearly 52% after results disappointed for its experimental obesity drug. It was reported patients lost just 1% of their body weight over six months.

Shares of the biotech company sliced through their 200-day moving average in heavy volume.

12:07 p.m. ET

Energy Stocks Gain

Energy stocks were on the rise. Dow component Chevron (CVX) added nearly 2% while S&P component Valero (VLO) surged more than 5%.

Others on the rise included** Marathon Petroleum** (MPC), EOG Resources (EOG), ConocoPhillips (COP) and Phillips 66 (PSX), all of which rose around 3% each.

Two oil stocks in the IBD 50 were top gainers. Okeanis Eco Tankers (ECO) climbed more than 3% while Vista Energy (VIST) hurdled a 4% jump.

10:58 a.m. ET

Steelmaker Plunges

Worthington Steel (WS) plunged more than 14% after third-quarter earnings of 27 cents per share declined from the year-ago period. Sales grew 12% to $770 million for the steel maker.

Shares had round-tripped a gain of 43% from a buy point of 34.37 and undercut their 50-day moving average before advancing for four days and retaking their 200-day moving average. The stock lost its foothold on that level on Thursday.

10:20 a.m. ET

Stock Market Today: Karman Tests Key Level

Karman (KRMN) shares were down more than 4% in recent trades.

Late Wednesday, the company reported earnings of 11 cents per share or 359% growth while sales increased 47% to $135 million in the fourth quarter. Wall Street estimates sat at 12 cents in earnings per share and $133 million sales.

For fiscal 2026, the company’s sales outlook came in at $723 million at the midpoint, above analyst estimates of $714 million.

The IBD Leaderboard Watchlist stock had formed a cup-with-handle base with a buy point of 107.56 headed into earnings. It tested the 50-day moving average in the handle on Thursday.

9:41 a.m. ET

Nasdaq 100 Movers: Arm, AppLovin

Among Nasdaq 100 stocks, Arm Holdings (ARM) and Diamondback Energy (FANG) rallied nearly 3% and almost 2%, respectively, making them some of the best performers just after the opening bell.

Meanwhile, AppLovin (APP) and Lam Research (LRCX) sold off more than 8% and 5%, respectively, in morning trading.

9:10 a.m. ET

Dow Jones Winners, Losers: Chevron, Amazon, Nvidia

Inside the Dow Jones Industrial Average, Chevron (CVX) gained nearly 1% as oil prices surged.

On the downside, Amazon (AMZN), Goldman Sachs (GS) and Nvidia (NVDA) were among the biggest decliners in premarket trading. Amazon shares slipped more than 1%, threatening to give back about half of Wednesday’s rally. Goldman stock also declined more than 1%, on pace to snap a five-day winning streak.

And Nvidia lost more than 1% as well. The stock continues to see resistance at its long-term 200-day moving average.

8:38 a.m. ET

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Stock Market Today: Jobless Claims

Early Thursday, the Labor Department said weekly jobless claims rose to 210,000 vs. 205,000 in the previous week.

That increase was in line with Econoday estimates.

7:56 a.m. ET

Trump’s Iran Warning

Early Thursday, Trump warned Iran in a post on Truth Social, “They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty!”

Trump insisted that Iranian officials are “begging” for a deal even as they publicly deny any talks.

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Earnings Movers: Jefferies, Karman

Key earnings movers Thursday morning were Jefferies (JEF) and Karman (KRMN).

Jefferies shares declined nearly 2% in premarket trading. They closed Wednesday more than 44% off their 52-week high.

Karman stock also dropped nearly 2% in early morning action. The defense stock briefly topped a 107.56 buy point Wednesday before reversing lower.

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Stock Market Today: Jobless Claims

The Labor Department’s weekly jobless claims are due at 8:30 a.m. ET. Claims are expected to rise to 210,000 vs. 205,000 in the previous week, per Econoday.

On deck for Friday is the University of Michigan’s consumer sentiment reading that includes inflation expectations for the year ahead.

Natural Gas Stock Ignites Breakout, Fuels AI With Middle East In Turmoil

_Be sure to follow Scott Lehtonen on X _at @IBD_SLehtonen for more on growth stocks, the Dow Jone__s Industrial Average and the stock market today.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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