Key facts
- US stocks declined on Thursday, with the Dow hitting a more than three-month low.
- Escalating Middle East tensions lifted oil prices and Treasury yields.
- US and Iranian negotiators are reportedly exploring a deal to reopen the Strait of Hormuz.
- President Donald Trump and Chinese President Xi Jinping met at the White House for a state summit.
- Microsoft shares dipped, while Meta Platforms shares rose.
US stocks fell on Thursday, with the Dow Jones Industrial Average reaching a more than three-month low, as escalating tensions in the Middle East drove up oil prices and Treasury yields. Investors also closely watched a state summit at the White House between President Donald Trump and Chinese President Xi Jinping, with anticipated discussions covering AI regulation, the Middle East conflict, and Taiwan.
Earlier in the session, Wall Street indexes had pared losses after Reuters reported that US and Iranian negotiators were exploring a deal to reopen the Strait of Hormuz. The S&P 500 closed near unchanged, while Microsoft shares dipped and Meta Platforms shares rose. The S&P 500 had ended slightly lower on Thursday, with market participants focused on geopolitical developments and Middle East uncertainty.