U.S. stocks fell in choppy trading on Thursday as hopes for a quick resolution to the Iran war dimmed. Investors faced mixed earnings reports and concerns about AI-driven disruption in the software sector. Stocks weakened after reports of Iran’s Parliament Speaker Mohammad Bagher Ghalibaf resigning from the negotiating team. Losses extended as oil prices rose following reports of air attacks in Iran.
The S&P 500 lost 29.86 points, or 0.42%, ending at 7,108.04 points. The Nasdaq Composite fell 218.14 points, or 0.88%, to 24,439.42, while the Dow Jones Industrial Average decreased by 182.45 points, or 0.36%, to 49,313.27. The S&P 500 tech index was the worst performer, impacted by drops in IBM and ServiceNow shares. Conversely, Texas Instruments surged after forecasting second-quarter revenue and profit above Wall Street expectations.
