
U.S. markets opened on Thursday with mixed performance as investors weighed Broadcom earnings and Middle East developments. The Dow Jones rose 709.52 points, or 1.40%, to 51,183.66 by 8:15 p.m., while the S&P 500 gained 0.02% to 7,555.08 after retreating from its record high a day earlier. The tech-heavy Nasdaq Composite declined 0.58% to 26,699.34 as losses among major technology stocks weighed on the index. According to latest reports, the market weakness was broad-based, with only 242 stocks advancing against 262 declining. The Russell 2000 was down 1.3%, more than the rest of the market, as the Russell 2000 index of the smallest U.S. stocks fell 1.3%, with midday trading showing steeper declines.
Global crude oil prices tumbled sharply on Thursday after US President Donald Trump indicated that negotiations to end the conflict with Iran were entering their final stages, raising hopes of a diplomatic breakthrough and easing concerns over potential supply disruptions in the energy market. As of 8:15 p.m., Brent crude futures fell 2.6% to $95.18 per barrel, reversing part of the gains recorded earlier in the week following renewed fighting involving Iran, the United States and its allies. US West Texas Intermediate (WTI) crude declined even more sharply, dropping 4% to $92.18 per barrel. This represents a significant decline from Wednesday's surge when Brent crude rose 1.89% to $97.81 per barrel and West Texas Intermediate futures gained 2.41% to settle at $96.02 per barrel, bringing both benchmarks back toward the $100 mark as U.S.-Iran military tensions escalated significantly. Market participants appeared hopeful that the United States and Iran would eventually reach an agreement to reopen the Strait of Hormuz to oil tankers, which would improve crude supplies globally and help reduce oil prices.
Fresh labor market data pointed to some softening in the U.S. economy, with the Labor Department reporting initial jobless claims rose to their highest level since early February. According to the Labor Department, first-time applications for unemployment benefits increased to 225,000 in the week ended May 30, up 13,000 from the previous week and above economists' expectations of 215,000. The latest reading marks the highest weekly claims level since February 7. Despite economic concerns, stocks remain near their records, with Medtronic climbing 5.7% after reporting stronger profit for the latest quarter than analysts expected and increasing its dividend payout. GameStop rose 6% after announcing a program to send up to $2 billion to investors by buying back its own stock, with revenue growing 14% from a year earlier. Although more U.S. companies reported quarterly profits above analysts' forecasts, several stocks still came under pressure, particularly within the technology sector.
Shares of Broadcom fell 13% after the chipmaker reported fiscal second-quarter revenue that came in below market expectations. Cybersecurity firm CrowdStrike Holdings also declined 10% after issuing weaker-than-expected revenue guidance for the second quarter. The losses followed a negative session on Wall Street, where investor sentiment remained under pressure amid escalating tensions in the Middle East. Hostilities between the United States and Iran intensified, with Iran launching a strike on Kuwait International Airport early Wednesday. The market pullback was particularly pronounced in the technology sector, with AI stocks falling as the Nasdaq Composite declined 0.58% to 26,699.34. The weakness in technology stocks offset broader gains across the market, highlighting the sector's sensitivity to geopolitical developments and the ongoing AI investment cycle.
Intel Corporation (NASDAQ: INTC) has benefited significantly from the Trump administration's stake, which has appreciated nearly 250% as of late April. As reported by technical analysis, Intel's Q1 2026 earnings drove a 15% jump, pushing the stock past its August 2000 record high. The stock climbed from approximately $40 in late March to a peak near $133, representing a gain above 200%. The recent dip appears to be profit-taking rather than fundamental weakness, with volume remaining steady rather than spiking during the pullback.
Dell Technologies (NYSE: DELL) trades near $435, down 6.58% in the latest session after touching a record near $469. According to reports, Trump provided the stock with the most direct endorsement of the three companies, telling a White House crowd to buy Dell in early May. Since late March, DELL has run from approximately $155 to its $469 peak, roughly doubling in value since the direct endorsement. The stock has formed a clean pole with flag pattern, with selling pressure building since late May as volume faded during the price peak around May 29.