WTI crude fell 3.3% to roughly $91.93 a barrel, while Brent crude slid 3.0% to $98.26, on pace to close at the lowest levels in nearly three weeks.
Both benchmarks have plunged more than 11% this week as the prospect of restored tanker flows through Hormuz erodes the geopolitical premium that had pushed oil well above $100 earlier in the spring.
Across U.S. equity markets by midday Thursday, the picture was mixed.
The S&P 500 rose 0.2% to 7,376 after hitting a fresh intraday record high of 7,385 earlier in the session, while the Nasdaq 100 gained 0.4% to 28,706, also smashing prior records.
Over the past six weeks, the Nasdaq has rallied 24%, on pace for its best 6-week rally since April 2020.
Small caps lagged, with the Russell 2000 down 0.7% to 2,867.
Within the Magnificent Seven, Microsoft Corp. (NASDAQ:MSFT) rose 2.7%, Tesla Inc. (NASDAQ:TSLA) climbed 2.9% and Nvidia Corp. (NASDAQ:NVDA) tacked on 2.5% to a fresh record near $213. Alphabet Inc. (NASDAQ:GOOGL) slipped 0.2% and Amazon.com Inc. (NASDAQ:AMZN) lost 0.5%.
Thursday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,376.23
+0.2%
Dow Jones
49,838
-0.1%
Nasdaq 100
28,706
+0.4%
Russell 2000
2,867.03
-0.7%
Updated by 11:50 AM ET
According to the Benzinga Pro platform:
The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.2%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slipped 0.1%.
The Invesco QQQ Trust (NASDAQ:QQQ) gained 0.4%.
The iShares Russell 2000 ETF (NYSE:IWM) fell 0.7%.
Sector leadership skewed defensive and tech-led at midday. The Energy Select Sector SPDR Fund (NYSE:XLE) sat at the bottom of the S&P 500 sector board, down 2.3% as crude prices unraveled, while the Communication Select Sector SPDR Fund (NYSE:XLC) led, up 0.5%.
Thursday’s Earnings Movers
The earnings tape did the heavy lifting on stock-specific moves. Datadog Inc. (NASDAQ:DDOG) surged roughly 30% after first-quarter revenue of $1.006 billion topped the $980 million consensus and adjusted EPS of 60 cents beat the 52-cent estimate.
The cloud observability firm raised full-year revenue guidance to a $4.32 billion midpoint, citing AI-related compute demand and FedRAMP High ...
