23.04.202613:37:20UTC+00US Stocks Pull Back from Records

US equities declined on Thursday, pausing the recent rally amid a lack of progress in tensions between the US and Iran. The S&P 500 and the Nasdaq each slipped about 0.3% from the record highs set in the previous session, while the Dow fell nearly 200 points.

Oil and refined product prices remained elevated as Iran’s seizure of commercial vessels in the Persian Gulf darkened prospects for an agreement with Washington that could restore tanker flows from this key energy corridor. The continued supply risks curbed optimism about US growth and pushed benchmark interest rates higher.

Technology shares retreated, giving back part of the prior session’s outperformance amid mixed reactions to speculative AI names. Tesla dropped 2%, reflecting investor skepticism over its plans to ramp up spending on AI and robotics. ServiceNow tumbled 15% as subscription revenue came under pressure in the context of the Iran conflict. Microsoft, Meta, and Oracle also weakened, falling as much as 4%.

In contrast, Texas Instruments jumped 10% after issuing upbeat guidance. Investors were also looking ahead to earnings reports from American Airlines and Intel, both due after the closing bell.