On Thursday, Nasdaq futures experienced a significant decline while oil prices surged following President Donald Trump’s declaration that the U.S. would strike Iran “back to the Stone Ages” in the forthcoming weeks. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average indicated declines of 1.9%, 1.4%, and 1.2%, respectively, in the latest trading session. Yesterday, the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average commenced the second quarter with notable gains for the second consecutive day, fueled by cautious optimism regarding a potential resolution to the Iran conflict. In a recent address to the nation, Trump asserted that the U.S. would “hit” Iran “extremely hard,” further stating that “over the next two to three weeks, we’re going to bring them back to the Stone Ages where they belong.”

Oil prices, which have surged since the onset of hostilities in the Middle East just over a month ago, increased following Trump’s remarks. West Texas Intermediate crude futures, the U.S. oil benchmark, recently increased by 8.5% to $108.75 a barrel, whereas Brent crude futures, the global benchmark, rose nearly 8% to $109. This week, the average price of gasoline in the U.S. reached $4 per gallon. Airline and cruise stocks experienced a decline in premarket trading, primarily due to fuel costs being their largest expense aside from labor. Delta Air Lines, United Airlines Holdings, American Airlines Group, Carnival Corp., Royal Caribbean Cruises, and Norwegian Cruise Line Holdings all experienced declines of approximately 3% to 4%. Stocks of the Magnificent Seven tech giants exhibited a downward trend prior to the market opening.

Yesterday, each closed higher except for Microsoft, led by a nearly 3.5% rise in Alphabet. Elsewhere, Globalstar stock surged 15% on a Financial Times report that Amazon was in talks to acquire the satellite communications provider, while Nike fell a further 1% after sinking more than 15% yesterday, leading the S&P 500 and Dow decliners. The yield on the 10-year Treasury note, a critical determinant of interest rates across various consumer loans, increased to 4.37% from the previous day’s close of approximately 4.32%. The yield concluded last Friday at approximately 4.44%, marking its highest closing level since the previous July.

Gold futures experienced a decline of 3.3%, settling at $4,655 per ounce. The U.S. Dollar Index, which monitors the value of the greenback relative to a selection of currencies, increased by 0.5% to 100.17. Bitcoin declined to $66,300 after reaching overnight peaks of approximately $68,600. Although tomorrow does not mark a federal holiday, the stock market will be closed in observance of Good Friday. Meanwhile, the Bureau of Labor Statistics is scheduled to release the March jobs report at 8:30 am. The bond market is scheduled to close early, at 2 pm.