MARKET SNAPSHOT
U.S. stocks fell and oil settled higher for a fourth straight session on worries that fighting in the Middle East will ramp up again with lack of progress toward peace talks. Treasury yields also rose as indicators suggested the economy remains resilient. The dollar strengthened, while gold and silver fell.
MARKET WRAPS
EQUITIES
Stocks closed lower, with oil rising amid signs of potentially escalating hostilities in the Middle East.
The Nasdaq composite led indexes lower, falling 0.9%. The Dow industrials dropped 0.4%, and the S&P 500 retreated 0.4%.
Israel is prepared to escalate military operations against Iran, the country's defense minister, Israel Katz, said in a recorded statement. President Trump also said he has ordered the Navy to "shoot and kill any boat" laying mines in the strait, as the U.S. and Iran jostle for control of the vital waterway.
Meanwhile, first-quarter earnings are back in focus.
The software-as-a-service, or SaaS, sector is in the hot seat and dragging on major U.S. indexes. Shares of cloud-based software company ServiceNow plunged 18% - the company's quarterly earnings update on Wednesday showed rising revenue, but traders are fixating on a cut to its projected operating margin.
IBM stock slumped 8.3% after the company disappointed investors by keeping its revenue guidance the same. Among "Magnificent Seven" tech stocks, Microsoft was also hit with the software selloff, losing 4%. Tesla shares were down 3.6% after it outlined plans to plow $25 billion into capital expenditures this year as it pursues its AI and robotics ambitions.
Earlier Thursday, Asian indexes got a short-lived chip-driven boost as Middle East tensions simmer and investors awaited further news on potential U.S.-Iran talks.
Japan's Nikkei Stock Average briefly surged above 60000 for the first time on Thursday, led by gains in semiconductor-related stocks. Much of the cheer faded from the broader market by midday, with the benchmark index ending 0.7% lower.
South Korea's Kospi was up more than 2% in early trade, before paring gains to end 0.9% higher.
Elsewhere, China's Shanghai Composite Index settled 0.3% lower. The Shenzhen Composite Index fell 1.1%, while the ChiNext Price Index fell 0.9%. Hong Kong's Hang Seng Index fell nearly 1%.
In Australia, the S&P/ASX 200 Benchmark Index declined 0.6%, while New Zealand's S&P/NZX 50 Index fell 0.5%.
COMMODITIES
Crude futures rose for a fourth straight session, with volatility picking up as market hopes fade for a quick negotiated solution to the U.S.-Iran conflict.
Iran's president and parliamentary speaker issued near identical statements declaring unity behind the country's supreme leader, suggesting the country will take a hard line toward any talks.
"We're definitely seeing a rise in tensions. The market is already in a nervous state and any kind of further escalation is going to be a positive to crude prices, at least near term," said BOK Financial's Dennis Kissler.
WTI settled up 3.1% at $95.85 a barrel and Brent rose 3.1% to $105.07.
Gold settled 0.6% lower, down seven of the past 10 sessions, and silver fell 3.1%, down three of the past four sessions.
TODAY'S TOP HEADLINES
Fear of Shortages Boosts Global Factories, But Eurozone Activity Declines
Factories in the U.S. and parts of Asia and Europe have reported a pickup in activity as they rushed to meet orders placed by customers anxious to avoid price hikes and shortages should the conflict in the Middle East prove long-lasting, according to business surveys released Thursday.
With the conflict in its seventh week, the Strait of Hormuz remains closed, restricting transport of oil and natural gas and threatening the supply of a host of other raw materials, including those essential for fertilizers, and helium, which is crucial for chip making.
Surveys of purchasing managers compiled by S&P Global during the early weeks of April showed some businesses are trying to get ahead of anticipated shortages by stockpiling goods, leading to a pickup in factory output in a number of large economies including the U.S., France, Japan, India and the U.K.
Intel Sales Rise 7% as AI Agents Drive Growth
The rise of artificial-intelligence agents and a host of new partnerships are helping breathe new life into chipmaker Intel, which just a year ago had been left for dead.
On Thursday, Intel reported sales of $13.6 billion for the March quarter, up 7% from the year-earlier period and beating estimates from analysts polled by FactSet by 11%.
Intel had largely sat out the AI revolution because it failed to develop a processor that could rival Nvidia's signature graphics processing units, or GPUs, and because its advanced chip fabrication business couldn't keep pace with rival Taiwan Semiconductor Manufacturing.
Meta to Lay Off 10% of Employees in May
Meta Platforms will lay off 10% of staff, or roughly 8,000 people, in May as it seeks to streamline its operations and pay for massive investments in artificial intelligence, the company said Thursday in an internal memo.
In the memo sent to current employees that was viewed by The Wall Street Journal, Chief People Officer Janelle Gale said the cuts were necessary to allow the company to operate more efficiently and to offset its investments. "This is not an easy tradeoff and it will mean letting go of people who have made meaningful contributions to Meta during their time here," Gale wrote.
The company said it would also cancel plans to hire for 6,000 open roles, the memo said. Affected employees will be notified on May 20.
Microsoft Offers Buyouts to 7% of Workforce
Microsoft is offering long-tenured employees voluntary buyouts, a first for the software giant as it continues to reorganize staff around its push to accelerate its artificial-intelligence efforts.
The voluntary retirement program, as Microsoft calls it, is part of a broader shift by Microsoft to alter its performance system and how it awards bonuses and stock options, according to a memo to employees from Chief People Officer Amy Coleman viewed by The Wall Street Journal.
"Across the company, we're looking at where we can simplify to move faster and deliver the solutions our customers count on," Coleman wrote. "To sustain this pace, we have to stay focused on doing great work, trusting and empowering our managers, and simplifying to support everyone." Coleman wrote that the voluntary buyout is being offered to a small percentage of long-serving U.S. employees.
Bob Iger Returning to Joshua Kushner's Thrive in Post-Disney Move
Bob Iger is returning to venture capital as he charts his next act after running Disney.
The former chief executive officer of Disney, who stepped down from his role last month after a nearly two-decade run, has taken an advisory role at Thrive Capital, the venture firm founded by Joshua Kushner, according to people familiar with the matter. He will work with the firm's staff on investments and with founders of companies in Thrive's portfolio, one of the people said. Thrive, which recently raised $10 billion for a new set of funds, has backed the likes of Instagram, Spotify, A24 and OpenAI.
Kushner is a former Goldman Sachs banker and son of real-estate developer Charles Kushner. He is also the younger brother of Jared Kushner, the son-in-law of President Trump.
SpaceX's IPO Will Help Elon Musk Consolidate Power. Investors Welcome It.
Tesla's shareholders already give Elon Musk leeway, entertaining the billionaire's whims as he plows money into robots and blessing a $1 trillion pay package that will pay out if he hits long shot targets.
He is poised to have even more sway at his rocket-maker, SpaceX, which is aiming to go public in June.
SpaceX's board has already granted him its own "moonshot" pay package, people familiar with the matter say. And, unlike at Tesla, the billionaire is expected to control SpaceX through the use of so-called supervoting shares, the people said.
Warner Bros. Discovery Stockholders Approve Paramount Deal
Shareholders of Warner Bros. Discovery approved the company's sale to Paramount Skydance, bringing the proposed merger that would transform the entertainment industry a step closer to completion.
Warner Bros. said shareholders voted overwhelmingly to approve the merger agreement at its special meeting of stockholders Thursday.
Warner Bros. had previously agreed to sell its studios and HBO Max to Netflix for $27.75 a share, which prompted Paramount to launch a hostile takeover effort, going directly to shareholders with its bids to acquire the entire company.
Expected Major Events for Friday
03:30/THA: Mar Trade data
05:30/JPN: Mar Tokyo area department store sales
05:30/JPN: Mar Nationwide department store sales
07:30/THA: Weekly International Reserves
08:30/HK: 2Q Business Expectations - Quarterly Business Tendency Survey
09:59/CHN: Mar FDI Foreign Direct Investment
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(END) Dow Jones Newswires
April 23, 2026 16:46 ET (20:46 GMT)
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