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US stock markets traded near record levels on Thursday while oil prices moved sharply during intraday sessions. Investors responded to corporate earnings releases, fresh economic data, and continued geopolitical tension involving Middle East supply risks. Trading activity showed mixed direction across major indexes.
US equities showed mixed movement as the Dow Jones Industrial Average rose while the NASDAQ Composite slipped and the S&P 500 stayed close to flat. The Dow gained about 0.88%, while the NASDAQ fell roughly 0.31%. The S&P 500 held near unchanged levels as it stayed close to recent record territory. Market performance also reflected a strong monthly trend, with major indexes on track for their best month since 2020.
Investor sentiment remained focused on corporate earnings strength, although sector rotation created uneven trading across large-cap stocks. Technology names showed divergence, with gains in some companies offset by declines in others.
Angelo Kourkafas, senior global investment strategist at Edward Jones, said, “I think there’s this big tug of war, but the earnings side is winning so far.” He added, “Market is trying to look through that near-term uncertainty, but of course, the longer it lasts, the more acute the pressures are.”
Oil markets experienced strong volatility as prices surged to levels not seen in nearly four years before pulling back. Brent crude moved above the $110 per barrel range during trading after reports linked rising tensions in the Middle East to possible supply disruption risks. Prices briefly spiked higher on concerns about shipping routes and potential military developments, before easing later in the session.
The price movement reflected rapid shifts in sentiment as traders reacted to geopolitical updates. Market participants also monitored comments and reports linked to Iran and possible restrictions on oil transport routes, including key shipping corridors.
David Morrison, senior market analyst at Trade Nation, said, “There also appears to be an increased urgency from the Trump administration to bring things to a head.” He also noted that oil markets reacted quickly to changing headlines, leading to sharp intraday reversals rather than a steady trend.
Earnings from major US technology companies played a key role in shaping market movement. Alphabet shares rose about 6% after reporting strong results supported by growth in its cloud segment. The company’s performance helped lift sentiment in parts of the tech sector.
In contrast, Meta Platforms dropped more than 8% after reporting higher planned spending on artificial intelligence infrastructure. Microsoft also fell around 4% after announcing increased capital expenditure.
Amazon shares slipped slightly despite stronger-than-expected cloud revenue. The divergence reflected investor focus on rising investment costs tied to AI expansion.
Outside technology, several companies posted gains after stronger earnings results. Eli Lilly rose about 7% after raising its profit forecast, supported by demand for weight-loss treatments. Caterpillar also gained more than 8% after reporting higher quarterly profit driven by equipment demand.
US economic data released during the session showed mixed signals for growth and inflation. Gross domestic product increased at an annual rate of 2.0% in the first quarter, below expectations of 2.3%. The result pointed to moderate expansion, supported in part by government spending changes.
Inflation data showed the Personal Consumption Expenditures index rising 3.5% year over year, matching forecasts. Core inflation also increased in line with expectations, suggesting steady price pressures. Treasury yields moved lower following the data, reflecting shifting rate expectations.
The Federal Reserve held interest rates steady in its latest policy meeting. Officials maintained a cautious stance on inflation, with some signaling that price levels remain above target. Market participants continued to assess whether persistent energy costs linked to global tensions could affect future policy decisions.
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