Stocks slide after Trump vows to continue Iran strikes
Stocks are sliding after investors were left unsettled by President Trump's Wednesday night speech.
Updated on: April 2, 2026 / 10:48 AM EDT / CBS News
Stocks fell on Thursday, while oil prices surged more than 8% after President Trump vowed to continue strikes on Iran and offered no new plan to reopen the Strait of Hormuz.
The S&P 500 sank 25 points, or 0.4%, to 6,550 after the opening bell, while the Dow Jones Industrial Average dropped 24 points, or 0.1%, to 46,541. The tech-heavy Nasdaq slid 1%.
The decline comes after the stock market had rallied 3.5% over the previous two trading days on investor hopes that a clear end point to the war would stabilize the global energy markets. Markets will be closed on Friday in observance of the Good Friday holiday.
Oil prices jumped following Mr. Trump's remarks. Brent crude, the international standard, rose 8.1% to $109.35 per barrel, while benchmark U.S. crude climbed 12.9% to $113.03.
While stocks are sinking, they are not reaching new lows, said Bret Kenwell, a U.S. investment analyst at eToro, a sign markets are taking news about the war in stride. Corporate earnings also appear to be holding up despite the headwinds from higher energy prices, he added.