Brent Tops $107 As Tehran Rejects Ceasefire, Stocks And Gold Retreat: What's Moving Markets Thursday?

U.S. equities are retreating on Thursday, snapping this week’s tentative rebound, as Iran’s rejection of Washington’s latest ceasefire proposal drove Brent crude above $107 per barrel, pushed Treasury yields to fresh multi-session highs and sent gold lower again on intensifying inflation fears.

• SPDR Gold Shares stock is showing weakness. Why is GLD stock trading lower?

The White House confirmed it transmitted a 15-point peace plan to Tehran via Pakistan and maintained that talks were ongoing, but Iranian officials publicly rejected any direct negotiations — countering instead with a five-point framework that would grant Tehran sovereign control over the Strait of Hormuz.

Speaking at a Cabinet meeting, President Donald Trump said Iran "desperately wants to make a deal," adding that Tehran had offered the U.S. "eight boats of oil" and "very substantial talks" are underway.

That impasse has left markets pricing in a protracted conflict with no clear off-ramp, anchoring energy prices at elevated levels.

WTI crude oil surged 4.1% to $94.04 per barrel. Brent crude jumped 5.4% to $107.73.

By midday trading in New York, the S&P 500 fell 0.7%, to 6,547 points, while the Dow Jones Industrial Average declined 83 points, or 0.2%, to 46,346. The Nasdaq 100 slid 234 points, or 1%, to 23,929.

The Russell 2000 shed by 0.7%, to 2,520.

Gold tumbled as rising energy costs solidified the Fed pause narrative, sapping the appeal of non-yielding assets. Spot gold fell 1.7% to $4,450.13 per troy ounce, with SPDR Gold Shares (NYSE:GLD) tracking the decline. 

The CBOE Volatility Index (VIX) climbed to 26.82, rising 1.49 points, or 5.9%.

Thursday’s Performance In Major U.S. Indices

Index	Last	% Change
S&P 500	6,547.01	-0.7%
Dow Jones	46,346	-0.2%
Nasdaq 100	23,929	-1%
Russell 2000	2,519.05	-0.68%

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) slid 0.7%,
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) fell 0.2%,
• The Invesco QQQ Trust (NASDAQ:QQQ) declined 1.0%,
• The iShares Russell 2000 ETF (NYSE:IWM) lost 0.7%.

Energy Dominates As Brent Reclaims $107; Semis Hammered By Alphabet’s AI Efficiency Paper

The Energy Select Sector SPDR Fund (NYSE:XLE) was Thursday’s standout winner among S&P 500 sectors, up 1.6%, driven by the surge in crude prices.

Valero Energy Corporation (NYSE:VLO) climbed 5.1%, ranking among the top Russell 1000 gainers of the session as refining margins widened alongside the Brent move.

The Technology Select Sector SPDR Fund (NYSE:XLK) was the session’s biggest drag, battered by a wave of AI hardware selling after Alphabet Inc. (NASDAQ:GOOGL) published research highlighting more efficient AI model architectures, stoking fears of reduced demand for high-end chips and memory infrastructure. 

Lam Research Corp (NASDAQ:LRCX) and Applied Materials, Inc. (NASDAQ:AMAT) sank 6.7% and 5%, respectively. The VanEck Semiconductor ETF (NYSE:SMH) tumbled 3.0%.

SanDisk Corporation (NASDAQ:SNDK) dropped 8.2% and Super Micro Computer, Inc. (NASDAQ:SMCI) slid 7.1%, as the AI efficiency fears rippled through memory and server infrastructure names.

Thursday’s Russell 1000 Top Gainers

Name	% change
Avis Budget Group, Inc. (NASDAQ:CAR)	+15.58%
Concentrix Corporation (NASDAQ:CNXC)	+8.07%
Harley-Davidson, Inc. (NYSE:HOG)	+5.40%
RingCentral, Inc. (NYSE:RNG)	+5.27%
Valero Energy Corporation	+5.14%

Thursday’s Russell 1000 Top Losers

Name	% change
AppLovin Corporation (NASDAQ:APP)	-9.54%
Coherent Corp. (NYSE:COHR)	-8.57%
SanDisk Corporation	-8.24%
Reddit, Inc. (NYSE:RDDT)	-8.17%
Ciena Corporation (NYSE:CIEN)	-8.16%

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