Dow Jones slips as Trump Iran deadline looms; S&P, Nasdaq edge up

• Oil volatility persisted with WTI crude settling at $112.95/barrel (up 0.5%) and Brent at $109.62 (down 0.5%) as the Strait of Hormuz closure continues disrupting roughly one-fifth of global oil supply since late February
• Chicago Fed President Goolsbee warned the Iran conflict could trigger a stagflationary shock, combining higher inflation with slower growth and complicating Federal Reserve monetary policy decisions
• Broadcom surged over 6% on a new announcement while Apple dropped 2.1% on negative reports; healthcare stocks rallied after Medicare Advantage payment rate increases were announced

Market Summary: Mixed US Stock Performance Amid Iran Tensions

Market Performance (April 7, 2026):

US equities closed mixed as geopolitical uncertainty dominated trading. The Dow Jones fell 85.42 points (-0.18%) to 46,584.46, while the S&P 500 rose 0.08% to 6,616.85 and the Nasdaq gained 0.10% to 22,017.85. Both the S&P and Nasdaq extended winning streaks to five consecutive sessions.

Key Driver:

Markets responded to President Trump's deadline for Iran to reopen the Strait of Hormuz, which has been closed since late February. A late-session rally occurred after Pakistan's Prime Minister Shehbaz Sharif proposed a two-week deadline extension and urged Tehran to temporarily reopen the strait as a diplomatic gesture. The White House confirmed Trump was reviewing the proposal.

Commodities Impact:

Oil volatility remained elevated due to the conflict. West Texas Intermediate crude settled up 0.5% at $112.95 per barrel, while Brent crude fell 0.5% to $109.62. The Strait of Hormuz closure affects roughly one-fifth of global oil supply, raising stagflation concerns combining higher inflation with slower growth.

Economic Data:

February durable goods orders declined more than expected, adding to cautious sentiment. Chicago Fed President Austan Goolsbee warned of potential stagflationary shocks complicating Federal Reserve policy decisions.

Sector/Stock Highlights:

• Broadcom: Surged over 6% on a major announcement
• Healthcare: Rallied following increased Medicare Advantage payment rates
• Apple: Dropped 2.1% on negative reports
• Top sectors: Communication services, transport, and semiconductors outperformed
• Laggards: Consumer staples

Market Breadth:

Declining stocks outnumbered advancers, with below-average trading volume reflecting cautious investor participation amid ongoing geopolitical uncertainty.