Stocks Fall, Oil Surges To $95 On Hormuz Standoff: What's Moving Markets Thursday?
U.S. equities fell broadly on Thursday as surging crude oil prices amplified stagflation fears linked to the escalating conflict in Iran.
West Texas Intermediate crude rallied 8.6% to $94.76 a barrel, while Brent crude gained 7.9% to $99.25, having briefly crossed $100 a barrel overnight.
In his first TV appearance, Iran’s Supreme Leader Mojtaba Khamenei reitered that the Strait of Hormuz remain closed — a chokepoint carrying roughly 20% of global oil supply.
The risk-off mood deepened after President Donald Trump wrote on social media that higher oil prices mean "a lot of money” for America. Meanwhile, traders fully priced out the final Fed rate cut previously expected for late 2026.
By midday trading in New York, the S&P 500 fell 1.0% to 6,700, the Dow Jones Industrial Average dropped 1.2% to 46,860, and the Nasdaq 100 declined 1.3% to 24,635. The Russell 2000 underperformed, losing 1.7% to 2,500.
Energy was the session’s bright spot, with the Energy Select Sector SPDR Fund (NYSE:XLE) gaining 2.1%. Nine of 11 S&P 500 sectors traded lower. The Industrial Select Sector SPDR Fund (NYSE:XLI) and the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) each fell 1.6% to lag the broader market.
Within earnings movers, Dollar General Corporation (NYSE:DG) reported fourth-quarter fiscal 2025 diluted EPS of $1.93 on revenue of $10.9 billion, a 5.9% year-over-year gain, topping analyst estimates.
However, fiscal 2026 guidance disappointed, with the company projecting same-store sales growth of 2.2%–2.7% and revenue of roughly $44.1 billion at the midpoint, below the Wall Street consensus of $44.43 billion, sending shares down by 4.5% – the company’s worst session thus far in 2026.
Fertilizers And Chemicals Jump On Risks Of Prolonged Hormuz Disruption
Fertilizer and chemical stocks led the gainers board as Strait of Hormuz disruptions choked global supply routes for ammonia, urea, sulfur and petrochemicals. Roughly 30% of global fertilizers and 48% of traded sulfur transit the region, and both flows have been severely curtailed, handing U.S. producers immediate pricing power.
CF Industries Holdings, Inc. (NYSE:CF), North America’s largest nitrogen fertilizer producer, surged 13.4%, and it’s up more than 22% over the past two sessions – on pace for the company’s largest 2-day rally in history.
The Mosaic Company (NYSE:MOS) gained 8.9%; its phosphate and potash margins benefit directly from supply disruptions to Gulf-sourced sulfur and ammonia, two critical production inputs.
Petrochemical stocks ripped alongside fertilizers. Dow Inc. (NYSE:DOW) rose 8.4%, LyondellBasell Industries N.V. (NYSE:LYB) climbed 7.3% and Celanese Corporation (NYSE:CE) surged 13.1%.
Thursday’s Performance In Major US Indices, ETFs
| Major Indices | Price | % Change |
|---|---|---|
| Nasdaq 100 | 24,636.24 | -1.3% |
| S&P 500 | 6,704.94 | -1.0% |
| Dow Jones | 46,861.80 | -1.2% |
| Russell 2000 | 2,500.36 | -1.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 1.2%.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1.3%.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) declined 1.5%.
- The iShares Russell 2000 ETF (NYSE:IWM) traded 2.0% lower.
Russell 1000’s Top 5 Gainers And Losers On Thursday
| Stock Name | % Change |
|---|---|
| CF Industries Holdings, Inc. | +13.42% |
| Celanese Corporation | +13.06% |
| The Mosaic Company | +8.91% |
| Dow Inc. | +8.40% |
| LyondellBasell Industries N.V. | +7.34% |
| Stock Name | % Change |
|---|---|
| Fermi Inc. (NASDAQ:FRMI) | -8.17% |
| Weatherford International plc (NASDAQ:WFRD) | -8.10% |
| Qnity Electronics, Inc. (NYSE:Q) | -7.09% |
| e.l.f. Beauty, Inc. (NYSE:ELF) | -7.07% |
| Lucid Group, Inc. (NASDAQ:LCID) | -6.97% |
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