S&P 500 falls as oil prices pressure stocks; Dow drops more than 450 points to end 5-day win streak: Live updates

The S&P 500 experienced a decline on Thursday as traders monitored developments in the Middle East and processed several earnings reports. The broad market index dropped 0.2%, while the Nasdaq Composite fell 0.1%. The Dow Jones Industrial Average plummeted 464 points, or 0.9%, after Salesforce announced a leadership change, causing its shares to plummet 3%.

Sandisk and AppLovin also suffered significant losses, with the former down 5% and the latter 20% due to mixed quarterly results. Western Digital experienced a 12% drop after its first-quarter forecast disappointed investors. However, its fourth-quarter results surpassed expectations. Market analysts suggested some profit-taking could be influencing stock prices, noting that both Sandisk and Western Digital have had strong year-over-year growth.

The oil prices rose after Iran announced a draft plan to potentially ban U.S. and Israeli ships from the Strait of Hormuz, which is currently under review by an Iranian parliamentary committee. Oil prices surged after a tanker passed through the strait, and a recent explosion was heard off the coast of Oman. Despite the turbulence, Iran and Oman were working towards an agreement to reopen the Strait, though details remained unclear.

Most S&P 500 sectors ended lower, with energy and information technology being the only winners, up more than 1% each. Real estate, materials, and industrials were the biggest losers, each down around 1%. Other notable stock movements included UWM Holdings, which fell 40% after suspending its dividend and raising capital, and JPMorgan's upgrade of SharkNinja to $207, indicating a 14% upside from the previous close.