Major U.S. stock indices fell sharply on Thursday, with the S&P 500 down 1.7% and the Nasdaq 100 off 2.3%, as a surge in energy prices and rising geopolitical tensions intensified stagflation concerns. The Dow Jones Industrial Average also declined 1% after President Trump warned that Iran “must get serious before it is too late.” Brent crude jumped 5% to above $108 per barrel amid reports that Gulf countries had condemned Iranian strikes on energy infrastructure, pushing Treasury yields higher across the curve.
Technology shares led the selloff. Meta dropped 7.9% following adverse child-safety court rulings and news of layoffs. Semiconductor stocks were particularly weak, with Micron down 6.9% and Advanced Micro Devices off 7.5%, while Nvidia fell 4.2% and Alphabet lost 3%.
Despite the broad market retreat, a few pockets of strength emerged. Clear Secure gained as prolonged airport security delays supported demand for its services, and energy producers such as Exxon Mobil and ConocoPhillips advanced in tandem with rising crude prices.
