By Heard Editors
What Happened in Markets Today
Escalation fears weigh on stocks. Another U.S. aircraft carrier arrived in the Middle East, while President Trump said he has ordered the navy to "shoot and kill" any boat laying mines in the Strait of Hormuz. Oil prices rose for the fourth consecutive session.
Major indexes slip. The S&P 500 dropped 0.4% for the day while the Nasdaq slid nearly 1%. The Dow fell 180 points to 49,310. Microsoft, the third-largest component on the price-weighted index, slid 4% despite news that the company is trying to trim its workforce by 7% by offering voluntary buyouts.
Software stocks crash. Poorly received quarterly reports from ServiceNow and IBM weighed on the group. ServiceNow shares slid nearly 18% while IBM's dropped more than 8%. The iShares Expanded Tech-Software Sector ETF that tracks many key software players was down 6% for the day.
Chips break from the tech pack. Most chip stocks rose Thursday, led by an 19% surge by Texas Instruments following its own quarterly results. The PHLX Semiconductor Index picked up 1.7%.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
April 23, 2026 17:15 ET (21:15 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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