Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) rallied from their respective lows to close higher on Thursday following an update on the Strait of Hormuz.
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- During his Wednesday evening speech, President Trump said the U.S. would strike Iran “extremely hard over the next two to three weeks.” He also called on allies to help reopen Hormuz, adding that oil prices would fall and stock prices would rise once the war ends.
- U.S. equities climbed after Iranian deputy foreign minister Kazem Gharibabadi said that Iran and Oman are in the process of creating a protocol to ensure safe passage through Hormuz after the war, according to state news agency IRNA.
- U.S. employers announced 60,620 job cuts in March, up by 25% from the prior month, according to outplacement firm Challenger, Gray & Christmas.
- The U.S. trade deficit jumped 4.9% to $57.3 billion in February. Exports climbed 4.2% to a record high of $314.8 billion, although they were outpaced by import growth of 4.3% to $372.1 billion.
- Amazon (AMZN) imposed a 3.5% fuel and logistics surcharge on third-party sellers in the U.S. and Canada.
- Citi raised its Exxon Mobil (XOM) price target to $175 from $150, citing higher oil prices driven by the war.
- Google (GOOGL) introduced Gemma 4, its most advanced set of open source AI models to date.
Today’s Best-Performing Sector
Real estate was the best-performing sector on Thursday, led by a 14% spike in SBA Communications (SBAC). The company is exploring a potential sale after receiving preliminary takeover interest, according to Bloomberg. The news comes amid the average U.S. 30-year fixed-rate mortgage rising to a seven-month high of 6.46% at the start of the busy spring home-buying season.
Several stocks led the real estate sector’s gains, including:
- SBA Communications (SBAC)
- Crown Castle (CCI)
- Invitation Homes (INVH)
- Camden Property Trust (CPT)
- American Tower (AMT)
Today’s Worst-Performing Sector
Meanwhile, the consumer discretionary sector faced the largest drawdown as WTI crude oil futures (CL) surged 11%, stoking inflation concerns. With higher oil prices, consumers and companies face increased fuel costs, weighing on discretionary spending and profit margins for cruise operators.
Notable consumer discretionary stocks trading lower include: