Live Markets: Wall Street turns red as Iran uncertainty, earnings weigh

Texas Instruments

23/04/2026 15:30

Main US indexes dip; Nasdaq leads losses, off ~0.5%

Tech weakest S&P 500 sector; Utilities leads gainers

Euro STOXX 600 index ~flat

Dollar ~flat; US crude gains slightly; gold slips; bitcoin off ~1%

US 10-year Treasury yield edges down to ~4.29%

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WALL STREET TURNS RED AS IRAN UNCERTAINTY, EARNINGS WEIGH

Wall Street's three major indexes are lower on Thursday as investors digested a mixed bag of earnings reports and worried about the U.S.-Iran war days after the U.S. extended a ceasefire.

Iran flaunted its tightened grip over the Strait of Hormuz on Thursday with video of its commandos storming a huge cargo ship, after the collapse of peace talks that Washington had hoped would open the world's most important shipping corridor. Meanwhile, U.S. President Donald Trump said the U.S. has total control over the Strait, a crucial waterway where shipping has been disrupted since the war started in late February.

Oil prices are higher and a wrap-up of Thursday's major survey releases showed a global economy facing ever more tangible strains from the energy shock triggered by the Iran war as factories grapple with soaring production costs and activity weakens even in service sectors.

And the latest U.S. earnings reports caused some consternation. Shares in the software sector tumbled as results from IBM and ServiceNow showed slowing growth and revived fears about AI-driven disruption across the sector. The S&P 500 software and services index .SPLRCIS is down 5%, touching its lowest level since April 15.

IBM IBM.N shares are dropping 10.7% after it said late on Wednesday that revenue growth slowed in the first quarter, pressured by weakness in its software business, which includes its Red Hat cloud unit. The stock touched its lowest level since February 20.

ServiceNow NOW.N shares are tumbling 15% after it reported that delays in closing several large government deals in the Middle East hurt first-quarter subscription revenue growth.

Also, investors were skeptical about a Tesla TSLA.O spending plan increase to more than $25 billion for the year as CEO Elon Musk pours money into artificial intelligence, robotics and chips. The EV maker's shares are down 3%. While its Q1 profit topped Wall Street targets, suggesting it was holding the line on costs in a difficult global environment, its revenue of $22.39 billion missed the $22.6 billion consensus estimate, according to LSEG data.

On the more bullish side, chipmaker Texas Instruments TXN.O is surging 16% after it forecast second-quarter revenue and profit above Wall Street expectations as it anticipates a boost in analog chip demand due to a data center boom.

Here is your early trading snapshot from around 10:10 a.m. ET (1410 GMT):

(Sinéad Carew)

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EARLIER ON LIVE MARKETS:

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STAGFLATION KNOCKING ON EUROPE’S DOOR CLICK HERE

HALF-TIME IN EUROPE: UNCERTAINTY REIGNS SUPREME CLICK HERE

FRANCE BETTER PLACED TO WEATHER ENERGY SHOCK THAN NEIGHBOURS CLICK HERE

MARKETS MUTED AS IRAN WORRIES PERSIST CLICK HERE

EUROPE BEFORE THE BELL: NERVOUS MARKETS CLICK HERE

HOW MUCH RISK CAN MARKETS SWALLOW? CLICK HERE

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Wall Street indexes fall modestly https://fingfx.thomsonreuters.com/gfx/mkt/xmpjyqjrmvr/Pasted%20image%201776953439213.png

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