US S&P 500 Index

Wall Street tumbled overnight, with the Dow plunging more than 1,000 points at one stage, grabbing most of the headlines. Stocks resumed their slide on Thursday after a brief one-day reprieve as Middle East tensions flared again, pushing Brent crude above $85 a barrel. The sell-off was led by cyclical heavyweights such as Boeing and Caterpillar, which are particularly exposed to a slowdown in global growth, while oil surged after Iran claimed it had struck a crude tanker with a missile, lifting prices to their highest levels since early 2025. Iranian Foreign Minister Abbas Araghchi said Tehran is not seeking a ceasefire with the U.S. or Israel, adding that Iran sees no reason to enter negotiations while the conflict continues. With tensions escalating and diplomacy appearing stalled, investors are increasingly questioning whether the U.S. may have underestimated the scale and duration of the conflict.

• After looking capable of challenging 7000 yesterday, the S&P500 now looks on track to retest 6500, around 5% lower, such is the current fickle market.