US stocks today: Dow Jones falls 203 points, S&P, Nasdaq slip 0.2% as oil prices decline

Wall Street ended lower on Thursday, with declines in Micron Technology and Tesla, as worries about inflation stemming from soaring oil prices left investors pessimistic about the potential for future interest rate cuts. Investors focused on warnings by Federal Reserve Chair Jerome Powell on Wednesday that the economic outlook remains uncertain amid a ‌U.S.-Israeli war ⁠with Iran ⁠that has sent energy prices soaring and created fears of inflation. The Fed left rates unchanged, as expected.

Interest rate futures suggest traders see little chance of interest rate cuts before mid-2027, according to the CME's FedWatch tool. Echoing the Fed, the Bank of England and European Central Bank held their interest rates steady and pointed to uncertainty arising from the Middle East conflict.

The Dow Jones fell 203.01 points, or 0.44%, to 45,733.70, while the S&P 500 declined 16.16 points, or 0.24%, to 6,558.37, and the Nasdaq dropped 61.73 points, or 0.28%, to 21,851.05.


Brent crude was up on Thursday but well off session highs of $119 a barrel while U.S. crude futures briefly turned negative after hitting a session high over $100 a barrel.

Trading was volatile as Iran attacked energy targets overnight in the Middle East, leading the U.S. government to take steps to expand supply as President Donald Trump looked toward November midterm ‌elections where his ⁠Republican Party hopes ⁠to retain control of the U.S. Congress.

Brent futures were up $1.00, or 0.93%, at $108.46 a barrel by 12:39 p.m. CDT (1739 GMT). Earlier in the session, Brent had climbed more than $11 to a high of $119.13, close to the three-and-a-half-year peak touched on March 9.

U.S. West Texas Intermediate crude was up 45 cents, or 0.47%, at $96.77 a barrel, after earlier gaining almost $4 to trade at $100.02. WTI has been trading at its widest discount to Brent in 11 years.

'A REAL INFLATION RISK'

"The market is digesting a little bit more of Powell and what some other central banks said overnight, that this is a real inflation risk," ⁠said Mike ‌Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina.

Attacks on Iran's South Pars gas field, along with the world's largest gas plant in Qatar as ⁠well as on oil refineries in Saudi Arabia and Kuwait, sent Brent prices above $119 a barrel and further fanned inflation fears. Brent prices later retreated after the United States issued a general license allowing the delivery and sale of Russian-origin crude oil and petroleum products loaded on tankers as of March 12.

Micron Technology dropped after the memory chipmaker's quarterly forecast failed to impress investors who have sent its shares soaring over 50% this year on strong demand related to AI. Nvidia, the world's most valuable company, also lost ground. Tesla slid after the National Highway Traffic Safety Administration ‌escalated its probe into 3.2 million Tesla vehicles with Full Self-Driving driver-assistance on concerns the system may fail to detect or warn drivers in poor visibility.

The S&P 500, Nasdaq and Dow were below their 200-day moving averages, underscoring a loss of momentum in the market.

The S&P 500 has lost about 3% in 2026 and is trading at four-month lows. Prices of precious metals declined, weighing on miners Newmont and Freeport-McMoRan. Data on Thursday showed weekly jobless claims unexpectedly fell last week, pointing to stable labor-market conditions and a rebound in job growth in March.