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Stocks on the Dow Jones Industrial Average tumbled early on Thursday as rising oil prices and escalating rhetoric between the United States and Iran dampened hopes of a resolution to the Middle East conflict.
Around 30 minutes into trading, the Dow Jones Industrial Average had fallen 1.0 per cent to 46,108.16. The broad-based S&P 500 declined by 0.9 per cent to 6,516.01, while the tech-heavy Nasdaq Composite dropped 1.3 per cent to 21,556.30.
US equities had posted gains over the previous two sessions after Iranian President Masoud Pezeshkian signalled a possible openness to a ceasefire, while US President Donald Trump scheduled a national address on Wednesday evening.
Speaking from the White House, Trump said the US was “very close” to achieving its objectives but warned that further military action could push Iran “back to the Stone Ages.”
In response, Iran pledged “crushing” attacks against the United States and Israel.
“The president didn’t tell us anything new last night during his speech, and if anything, just seemed to inflame the conflict with his tough talk,” said CFRA Research’s Sam Stovall.
Stovall added that Trump likely “made the Iranians more resolute in their maintaining control of the Strait of Hormuz, and looking to upend global economic activity.”
