So much for a quiet pre-holiday session. U.S. stocks were getting hammered on Thursday, the last trading day before markets close for Good Friday. Futures for the major indices were deep in the red, and the catalyst was pretty clear: President Donald Trump's latest update on the U.S.-Israel conflict with Iran.
If investors were hoping for words like "ceasefire" or "de-escalation," they were disappointed. Instead, the president doubled down on his recent social media rhetoric, threatening to hit Iran's electrical infrastructure and warning of relentless military strikes for another "two to three weeks." That kind of talk tends to make markets nervous, and it sent crude oil prices climbing as traders priced in the risk of prolonged disruption.
Economist Peter Schiff called it like he saw it: a broad market sell-off across stocks, bonds, and crypto as the president "re-escalates the war with Iran." He pointed out the stark—and somewhat confusing—contrast between the promise of extended military action and the administration's claims of a historic victory.
In the bond market, the 10-year Treasury yield was at 4.37%, with the two-year at 3.84%. Meanwhile, the CME's FedWatch tool shows traders are almost certain (97.4% likelihood) that the Federal Reserve will leave interest rates unchanged at its April meeting. For now, the market's worries are geopolitical, not monetary.
Here’s a quick look at how the major indices were faring:
| Index | Performance (+/-) |
| Dow Jones | -0.89% |
| S&P 500 | -1.09% |
| Nasdaq 100 | -1.46% |
| Russell 2000 | -1.47% |
The popular ETFs tracking the broader market were feeling the pain. The SPDR S&P 500 ETF Trust (SPY) was down 1.05% at $648.33 in premarket trading, while the Invesco QQQ Trust ETF (QQQ), which follows the Nasdaq 100, declined 1.41% to $576.08.
Stocks In Focus on a Rocky Day
Against this tense macro backdrop, several individual stocks had their own stories to tell.
Micron Technology
Micron Technology Inc. (MU) dropped 4.30% in premarket action, giving back some of Wednesday's gains. The move came after the chipmaker announced the expiration of cash tender offers for certain outstanding senior notes. Market data indicates MU has a weak short-term price trend but maintains strong medium and long-term trends, alongside a solid growth score.
International Business Machines
International Business Machines Corp. (IBM) dipped 0.22%, and Arm Holdings PLC ADR (ARM) fell 3.11%, even though both companies announced a partnership to develop dual-architecture hardware. Sometimes good news gets lost in a bad market. Data shows IBM maintains a weak price trend across all timeframes but scores well on quality.
Lockheed Martin
In a rare spot of green, Lockheed Martin Corp. (LMT) was up 0.41%. The defense contractor's Orion Spacecraft launched four astronauts on NASA's historic Artemis II Moon Mission—the first crewed lunar mission in 53 years. Data indicates LMT has a weak short-term trend but strong medium and long-term trends, though it carries a poor value score.
General Motors
General Motors Co. (GM) was down 1.71% after announcing plans to invest $150 million in its Saginaw plant for next-generation V-8 engines. Market data shows GM with weak short and medium-term price trends but a strong long-term trend and a moderate growth score.
Target Hospitality
Target Hospitality Corp. (TH) tumbled 0.079%, which seems like an oddly precise decline. The move came despite the company securing a hefty $550 million data center contract in Texas and raising its preliminary fiscal 2026 sales guidance. Sometimes the market just isn't in the mood. Data indicates TH maintains a strong price trend across the short, medium, and long term.
A Look Back at Wednesday's Session
Thursday's sell-off stood in sharp contrast to Wednesday's performance. The previous session saw gains led by Communication Services, Industrials, and Materials. Only Financials, Consumer Staples, and Energy sectors lagged behind.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.48% | 46,565.74 |
| S&P 500 | 0.72% | 6,575.32 |
| Nasdaq Composite | 1.16% | 21,840.95 |
| Russell 2000 | 0.64% | 21,840.95 |
Analyst Insights: Staying Optimistic Amid the Storm
So, what are the pros saying? Senior Global Market Strategist Scott Wren is sticking to his guns. His 2026 outlook for the U.S. remains optimistic, even with the recent geopolitical and credit market volatility. His "base case remains for above-average economic growth in the U.S. and record earnings for the S&P 500."
But he's not blind to the headwinds. That positive forecast is being tested by what he calls "frictions"—namely, the military action in Iran and rising anxiety over Private Credit. Wren notes that sudden events can throw even the best statistical models "out the window," as evidenced by the S&P 500's 2.1% dip last week.
His advice for navigating this? Diversification and rebalancing. In a fitting metaphor, he explains that "as a gardener might do, a long-term investor diversifies a portfolio to survive unexpected storms."
Practically, he suggests investors might "prune" their allocations by rotating out of potentially overweight sectors like Energy and reallocating toward favored areas such as Financials, Industrials, and Utilities to stay on track with long-term goals.
On the Economic Calendar
Here's what investors were watching for on Thursday:
- Initial jobless claims for the week ending March 28 and February's U.S. trade deficit data were set for release at 8:30 a.m. ET.
- Even though markets are closed Friday for Good Friday, March's U.S. employment report, unemployment rate, and year-over-year hourly wages data will still be released at 8:30 a.m. ET.
- March's S&P final U.S. services PMI was scheduled for 9:45 a.m. ET.
Commodities, Crypto, and Global Markets
The action wasn't confined to stocks. In commodities, crude oil futures were trading lower in the early New York session, down 6.74% to hover around $106.87 per barrel.
Gold, however, was shining. The spot price in U.S. dollars rose 2.49% to around $4,640.00 per ounce. Its all-time record high stands at $5,595.46. The U.S. Dollar Index spot was 0.47% higher at the 100.1220 level.
Over in crypto, Bitcoin (BTC) was trading 3.28% lower at $66,545.94 per coin over the last 24 hours.
The risk-off mood was global. Asian markets closed lower on Thursday, with declines in Hong Kong's Hang Seng, Australia's ASX 200, China's CSI 300, India's Nifty 50, South Korea's Kospi, and Japan's Nikkei 225. European markets were also lower in early trade.
All in all, it was a tense day to head into a long weekend, with investors weighing geopolitical rhetoric against long-term economic fundamentals. The gardener's approach—diversifying to weather the storm—seemed more relevant than ever.
