Nasdaq futures indicated a downward trend on Thursday, following the recent closing records established by the benchmark S&P 500 and the tech-heavy Nasdaq. This movement comes as oil prices persist in their upward trajectory, influenced by ongoing U.S.-Iran tensions in the Strait of Hormuz. Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 experienced declines of 0.5%, 0.2%, and 0.2%, respectively, in the latest trading session.

Yesterday, the major stock indexes concluded the trading session with significant gains, as the S&P 500 and Nasdaq Composite achieved new record highs, following President Donald Trump’s decision to prolong the U.S.’s two-week ceasefire with Iran. The Nasdaq and S&P 500 achieved their fourth record closes in six sessions, with the Nasdaq also marking its fifth intraday high during this period. Oil prices experienced an uptick yesterday following reports from Iranian state media indicating that the Islamic Revolutionary Guard Corps Navy had captured two vessels “for violating protocols” in the Strait of Hormuz, with prices continuing to rise on Thursday. West Texas Intermediate futures, the U.S. crude oil benchmark, experienced an increase of 0.6%, reaching $93.50 per barrel, whereas Brent crude futures, the global benchmark, saw a rise of 0.7%, climbing to $102.60.

ServiceNow attributed the lackluster growth in first-quarter subscription revenues to “the ongoing conflict in the region,” resulting in a 14% decline in shares before the bell on Thursday. In other notable post-earnings stock movements, IBM experienced a decline of 8%, and Tesla saw a decrease of 3%, while Intel recorded an increase of 1.5% in anticipation of its results after the market close. Stocks of the Magnificent Seven tech giants indicated a downward trend prior to the market opening, with Tesla at the forefront, following a day of gains on Wednesday. Bitcoin experienced a decline to $77,500 from overnight peaks near $78,900, yet it continues to hover around the $80,000 threshold for the first time in several months.

The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, increased to 4.32%, up from Wednesday’s closing level of approximately 4.31%. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, increased by 0.2% to 98.78. Gold futures experienced a decline of 0.7%, settling at $4,720 per ounce.