- Iran reportedly did not request the pause and has yet to respond to a U.S. 15-point ceasefire proposal, keeping uncertainty elevated.
- Brent crude held above $107 and WTI above $93, with oil surging in March amid Strait of Hormuz disruption risks.
- The 10-year Treasury yield hovered near 4.39%, with analysts warning rising yields pose a bigger risk to equities than energy prices.
U.S. stock futures rose late Thursday after U.S. President Donald Trump extended a deadline tied to attacks on Iran’s energy facilities to April 6, easing immediate escalation fears even as disruptions around the Strait of Hormuz kept energy markets volatile.
As of 8.30 p.m. ET, Nasdaq 100 futures were up 0.4%, while S&P 500 futures were up by 0.5%. Dow futures were up 0.6%.
On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) was ‘extremely bearish’ amid ‘high’ message volume, while sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bearish’ amid ‘high’ message volume.
US Market Drivers
Markets reacted after Trump extended a pause on attacks targeting Iran’s energy infrastructure until April 6, signaling the administration is continuing diplomatic efforts even as uncertainty remains over whether a ceasefire can be reached in the nearly month-long conflict.
Earlier on Thursday, Trump warned Iran to “get serious soon,” adding that once escalation begins there would be “no turning back,” while also saying talks were going “very well.” However, mediators reportedly said Iran did not request the 10-day pause on strikes cited by Trump and has yet to deliver a final response to a U.S. 15-point ceasefire proposal, with Tehran pushing back on demands tied to its missile program and uranium enrichment.
The S&P 500 logged its worst drop since January and closed at its lowest level since September, while the Nasdaq Composite entered correction territory, with about $800 billion wiped from S&P 500 market value in a single session:
| Index | Move | Close |
| Dow Jones Industrial Average | -1.01% | 45,960.11 |
| S&P 500 | -1.74% | 6,477.16 |
| Nasdaq Composite | -2.38% | 21,408.08 |
Iran is also drafting legislation that could impose fees on vessels seeking safe passage through the Strait of Hormuz, a key global oil transit route that previously carried about one-fifth of global crude flows before the conflict intensified. The waterway has seen plunging traffic since late February, though Iran recently allowed 10 oil tankers to transit as a goodwill gesture.
Gulf countries also issued a joint statement condemning Iran-linked strikes launched from Iraqi territory targeting regional energy infrastructure and said they were prepared to defend themselves if attacks continue.
Meanwhile, Brent crude traded above $107 per barrel, while West Texas Intermediate hovered above $93, after both benchmarks surged earlier in the session. Brent settled near $108 on Thursday after rising 5.7%, while WTI climbed 4.6% to $94.48. Crude has rallied throughout March, with U.S. oil up nearly 40% and Brent on track for gains approaching 50% for the month.
Treasury Secretary Scott Bessent said a U.S. insurance program designed to support shipping through the Strait of Hormuz will begin soon.
Mark Newton, Fundstrat’s head of technical strategy, said on X, “while many are busy studying 200-day moving averages, it's the cross-asset volatility & what's been happening across fixed income, Crude & FX that's essential to focus on right now.”
Adam Kobeissi, founder of The Kobeissi Letter, warned on X that “the bond market is flashing red,” adding that rising yields, not energy prices, currently represent the biggest risk to U.S. equities and cautioned that “We cannot afford a 5% yield on the 10Y Note.”
Trending Stocks To Watch On NYSE, Nasdaq
Meta Platforms (META): Shares edged higher in extended trading after sliding 8% on Thursday, their worst session in nearly five months, following back-to-back legal setbacks tied to alleged harms from its social platforms to children, even as the company unveiled plans to expand its El Paso data center to 1 gigawatt.
Trump Media & Technology Group (DJT): Shares fell 7% on Thursday, sending retail sentiment to its lowest level in nearly two months, as investors tracked geopolitical developments tied to Trump’s Iran ceasefire timeline.
Unity Software (U): Shares jumped 12% after-hours as the company raised first-quarter revenue guidance to the range of $505 million to $508 million and boosted profit expectations, citing strong momentum from its AI-powered Vector ad platform and plans to divest its Supersonic publishing business.
Kodiak Sciences (KOD): Shares surged 75% on Thursday in their best session ever after the company reported positive Phase 3 results for its diabetic-retinopathy drug Zenkuda.
Madrigal Pharmaceuticals (MDGL): Shares jumped over 12% on Thursday in their best session in over a year amid buyout speculation involving Eli Lilly (LLY) following Betaville blog market chatter, as investors also tracked momentum around its FDA-approved Rezdiffra treatment for metabolic dysfunction-associated steatohepatitis (MASH).
How Global Markets Are Performing Today
In broader markets, the yield on the benchmark 10-year U.S. Treasury note hovered near 4.39%, while gold traded near $4,411 per ounce. Turkey’s central bank reportedly sold and swapped roughly 60 tons of gold during the early weeks of the conflict. Silver rose to around $69, while platinum and palladium also advanced.
The MSCI Asia-Pacific index excluding Japan slipped 0.2%, while equities in Japan and Australia opened lower.
Among the catalysts for the day are final March consumer sentiment data and speeches from Philadelphia Fed President Anna Paulson and Richmond Fed President Tom Barkin.
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