28.05.202613:37:48UTC+00US Stocks Fall from Records

US equities declined on Thursday as escalating tensions between Iran and the US pushed energy prices higher. The S&P 500 and Dow edged below their record highs, while the Nasdaq 100 fell 0.5%. Overnight, the US carried out additional strikes on Iranian targets near the Persian Gulf, deepening doubts about any imminent agreement after the White House dismissed Tehran’s claim that it had a draft peace deal to reopen trade through the Strait of Hormuz.

Technology shares led the market lower for a second straight session, as investors questioned how sustainable the sector’s robust AI-related guidance will be. Nvidia and Tesla each lost more than 1%. More cyclical and traditional sectors also weakened as hawkish commentary from FOMC officials pushed long-term Treasury yields higher, a move exacerbated by PCE inflation rising to its highest level in three years, while initial jobless claims stayed solid.

On the corporate front, Snowflake jumped 30% after issuing a strong outlook, though the optimism failed to lift the broader software space. Salesforce dropped 2% following its earnings release.