US stocks moved in a narrow range on Thursday as doubts over the US-Iran ceasefire kept investors cautious. Oil stayed elevated because shipping through the Strait of Hormuz remained far below normal levels, while investors also weighed fresh labor and inflation data ahead of Friday’s CPI report. The S&P 500, Dow, and NASDAQ posted only modest moves as strength in a few sectors offset weakness in technology and software shares.

Ceasefire Doubts Limit Upside for Stocks

Markets opened with limited momentum after a relief rally earlier in the week. However, this optimism faded as traders reassessed whether the ceasefire could hold and whether oil flows could recover soon. The major US indexes held close to flat, showing that confidence remained restrained.

The latest concern came from the Strait of Hormuz, where shipping activity remained deeply disrupted. Vessel traffic remained far below normal levels even after the ceasefire announcement. As a result, energy markets stayed under pressure, and investors remained alert to any further disruption.

Bradford Smith of Janus Henderson Investors said, “As geopolitical uncertainty remains high, not much matters for the market other than the durability of the ceasefire, shipping volume through the Strait of Hormuz, and ultimately, whether a bona fide permanent deal is struck.” His remarks reflected the market’s focus on the truce and energy flows.

Oil and Inflation Remain Central to Market Direction

Oil prices remained a major driver for equities. Doubts over the ceasefire and slow recovery in Hormuz traffic pushed crude higher again on Thursday, though prices stayed below the $100 level for part of the session. Delays in restoring shipments kept the market focused on supply risk.

At the same time, investors watched inflation data closely. Weekly jobless claims remained low, which pointed to a labor market that was still stable. Meanwhile, consumer spending stayed soft, and price pressures remained firm. Friday’s CPI report is expected to show some early effects from higher energy costs.

This combination matters because it leaves less room for quick policy easing. Rising energy costs and firm inflation kept pressure on rate-sensitive parts of the market, especially technology and software stocks. Consequently, traders remained selective rather than broadly bullish.

Tech Weakness Offsets Gains in Other Sectors

Technology shares remained mixed through the session. Software stocks fell sharply, while gains in utilities and energy helped offset part of this weakness. This split explained why the main indexes moved only slightly despite strong moves in a few individual names.

Investors also separated stocks based on company-specific news. Some names rose on analyst upgrades, deals, or stronger demand trends. Others fell on softer outlooks or valuation concerns. This pattern showed a market that was paying closer attention to earnings visibility and company fundamentals.

The cautious tone also followed a sharp rally in the previous session. Traders appeared less willing to chase gains aggressively, especially as geopolitical risk remained high and macro uncertainty stayed in focus.

Corporate Highlights

• CoreWeave expanded its long-term agreement with Meta to provide AI cloud capacity through December 2032 in a deal worth about $21 billion.

• Intel said Google committed to using future generations of Xeon processors and other chips.

• Pimco is seeking to sell part of the $14 billion debt package tied to Oracle’s Michigan data-center financing.

• OpenAI paused its Stargate AI infrastructure project in the UK as it reins in spending plans.

• Chevron said first-quarter production fell by as much as 6%, partly because of the Iran war.

• Marvell Technology rose after Barclays upgraded the stock to overweight from equal-weight, citing demand for optical products.

• Seven & i delayed the planned IPO of its US convenience-store unit, saying it needs more time to improve the business amid uncertain market conditions.

• Carvana fell after JPMorgan cut its price target, while Canadian grocers also slipped after a sector downgrade. 

Also Read: Stock Market Update: Nifty 50, Sensex Set for a Gap-Down Opening Prolonged Amid US-Iran Conflict