Equity Alert
US indices end lower as fears of US-Iran war resurface
This story was originally published at 08:00 IST on 8 May 2026
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Equity Alert: US indices end lower as fears of US-Iran war resurface
MUMBAI--0745 IST--Indices on Wall Street ended lower Thursday after posting strong gains the day before. The earlier rally, driven by rising confidence in artificial intelligence and earnings, was overshadowed as fears of an escalation of strife between the US and Iran gripped the market. The US and Iran exchanged fresh fire in the Strait of Hormuz. Brent Crude Oil futures edged above the $100 per barrel level.
"Three World Class American Destroyers just transited, very successfully, out of the Strait of Hormuz, under fire. There was no damage done to the three Destroyers, but great damage done to the Iranian attackers," US President Donald Trump said on Truth Social. "U.S. forces intercepted unprovoked Iranian attacks and responded with self-defense strikes as U.S. Navy guided-missile destroyers transited the Strait of Hormuz to the Gulf of Oman," the US Central Command said in a statement on X.
Among the stocks in focus on the back of earnings was McDonald's Corp. The burger chain's sales beat the consensus estimates, but Chief Executive Officer Chris Kempczinski was cautious about near-term demand. Kempczinski expects some deceleration in the June quarter due to a rise in gas prices and pointed out increased anxiety among consumers, Bloomberg reported.
Earnings, however, are expected to be healthy going forward. "If you look out to Q2, Q3 and Q4 (Apr-Jun, Jul-Sept, Oct-Dec), the market and analysts are still expecting about 20% or higher earnings growth on a year-over-year basis in those subsequent quarters," Yung-Yu Ma, the chief investment strategist at PNC Asset Management, told CNBC.
In macroeconomic news, the number of Americans filing for fresh unemployment claims rose by 10,000 to a seasonally adjusted 200,000 in the week ended May 2. Reuters had expected this figure to be 205,000. Last week, the claims had declined.
The following were the closing levels of major US indices on Thursday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49596.97 | (-)0.63 |
|
NASDAQ Composite |
25806.20 | (-)0.13 |
|
S&P 500 |
7337.11 | (-)0.38 |
(Ruchira Kagita)
US$1 = INR 94.25
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
All prices from National Stock Exchange, unless otherwise specified.
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