US equities fell on Thursday, halting the recent rally on the lack of progress in the conflict between the US and Iran. The S&P 500 and the Nasdaq fell around 0.3% each from their record highs last session and the Dow dropped nearly 200 points. Oil and refined product prices remained high as Iran’s seizure of commercial vessels in the Persian Gulf dimmed the outlook of an agreement with Washington that could restore tanker flows from the key region, limiting optimism on US growth and lifting benchmark interest rates. Tech stocks pulled back to pare yesterday’s outperformance amid mixed results on speculative AI companies. Tesla fell 2% to reflect skepticism on its announcement of higher AI and robotics spending. Also, ServiceNow sank 15% as subscription revenue was pressured from the Iran war. Microsoft, Meta, and Oracle dropped up to 4%. On the other hand, Texas Instruments surged 10% after posting an optimistic guidance. American Airlines and Intel will report after the closing bell.

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