Stock market today: S&P 500, Dow, Nasdaq fall as tech sector pulls back, US-Iran truce in focus

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US stocks fell on Thursday, erasing opening gains as tech stocks pulled back and investors watched for progress on a second round of talks to extend the Middle East ceasefire.

The tech-heavy Nasdaq Composite (^IXIC) led losses, shedding 0.3% less than an hour after starting the session higher. The Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) both lost roughly 0.1%, after a strong session on Wednesday that pushed the S&P 500 over 7,000 for the first time.

In the Middle East, the US and Iran are reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22, with both sides said to be in favor of an extension. The US is still “very much engaged in these negotiations,” Karoline Levitt, the White House press secretary, said on Wednesday.

On deck is a fresh batch of corporate earnings, with highlight Netflix (NFLX) scheduled to report after the closing bell on Thursday. Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat estimates on both earnings per share and revenue, while Charles Schwab (SCHW) reported above expectations on earnings but fell below revenue estimates.

On the economic data front, initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday, while industrial production fell to a slowdown of -0.5% in March, below estimates of 0.1% growth.

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US edged up at the opening bell on Thursday after Wednesday saw the S&P 500 cross over 7,000 for the first time.

The Dow Jones Industrial Average (^DJI) led gains with an advance of roughly 0.4%, while the S&P 500 (^GSPC) gained roughly 0.2%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) hovered just above the flatline.

Investors are watching for signs of progress between the US and Iran on the war in the Middle East, with the two sides now reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22.

Taiwan Semiconductor Manufacturing Company (TSM) and PepsiCo (PEP) beat on both the top and bottom lines, while Charles Schwab (SCHW) reported above expectations on earnings but fell below revenue estimates. Standout Netflix (NFLX) is set to report after the closing bell.

Initial jobless claims fell to 207,000 in the week ended April 11, according to Department of Labor data released Wednesday.
Initial jobless claims fell to 207,000 in the week ended April 11, according to data released by the Department of Labor on Thursday, coming in below the previous week’s revised tally of 218,000 claims.

Economists had expected initial claims of 213,000 for the week, according to consensus estimates compiled by Bloomberg.

The falling unemployment claims came after the Federal Reserve released its Beige Book, which is published eight times per year. Most districts, the Fed wrote, “described labor demand as stable, with low turnover, minimal layoffs, and hiring mostly for replacement.”

Continuing claims, which track the unemployed population still seeking work, rose to 1.82 million for the week ended April 4, above economists’ expectations of 1.81 million and the previous week’s 1.79 million.
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The S&P 500 (^GSPC) just pulled off a rare sprint, notes Yahoo Finance’s Jared Blikre.

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From Bloomberg:

The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the risk of renewed fighting despite an intensifying standoff over the Strait of Hormuz.

With the initial truce due to expire next week, mediators are seeking technical talks to overcome the most contentious issues preventing a longer-term agreement, said the person, who asked not to be identified discussing sensitive matters. Those include reopening Hormuz and the future of Iran’s nuclear program.

Tensions remain high over the strait, a critical waterway for oil and gas that’s been effectively shuttered since the start of the war almost seven weeks ago. The US has set up a naval blockade to cut off Iranian shipments, and said Wednesday that 10 vessels have been forced to turn around. Tehran is keeping the strait closed to most other traffic.

… The US hasn’t “formally requested an extension of the ceasefire,” White House Press Secretary Karoline Leavitt told reporters Wednesday. But she acknowledged “we remain very much engaged in these negotiations.”

The US is sending thousands of additional troops to the Middle East in the coming days to pressure Tehran into making a deal or to prepare for strikes if the ceasefire ends, the Washington Post reported, citing current and former officials it didn’t name.

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Japan’s Nikkei 225 Stock Average (^N225) ended Thursday’s session at a new record high, erasing its losses from the Iran war amid optimism that new peace talks could speed an end to the conflict.

Bloomberg reports:

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Reuters reports:

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