Dow Jones, S&P 500, Nasdaq Sink as Trump’s Iran Speech Sends Oil Higher Again
Stocks slipped sharply Thursday morning after President Donald Trump’s prime-time address on Iran ramped up military rhetoric, leaving investors without a clear exit path. The Dow Jones Industrial Average dropped 565 points; S&P 500 slid 1.21%, while the Nasdaq Composite shed 1.68%. Oil prices took off—Brent crude jumped 7.9% to $109.12, and West Texas Intermediate surged 12.5% to $112.60 a barrel. The reversal mattered: it unwound a relief rally that had only just picked up steam the day before. Markets jumped Tuesday after the Wall Street Journal reported that Trump might end the military operation even if the Strait of Hormuz remained mostly shut. The S&P 500 soared 2.91%, with the Nasdaq up 3.83% and the Dow gaining 2.49%—the biggest one-day jumps for all three since May 2025.