US stocks declined on Thursday, with the S&P 500 down 0.3%, the Nasdaq off 0.4%, and the Dow Jones lower by roughly 200 points, though all three indexes recovered from steeper losses earlier in the session. Sentiment improved somewhat after reports that Iran is working with Oman on a protocol to monitor traffic through the Strait of Hormuz, easing some geopolitical concerns. Even so, volatility is expected to remain elevated amid increasingly confrontational rhetoric from President Trump and crude oil prices hovering near their highest levels since 2022. On Wednesday, Trump pledged more aggressive measures against Iran.
Sector performance was mixed, with consumer discretionary stocks lagging and utilities leading the market. Tesla dropped about 5% after reporting weaker-than-expected first-quarter deliveries. Meta slipped more than 1%, Nvidia inched up 0.5%, and Netflix gained roughly 2.6%. The US stock market will be closed on Friday in observance of the Easter holiday.
