Stock market today: Nasdaq rises, Dow and S&P 500 retreat as oil prices climb on renewed US-Iran tensions

Stock market today: Nasdaq rises, Dow and S&P 500 retreat as oil prices climb on renewed US-Iran tensions Rian Howlett , Grace O'Donnell and Jake Conley Updated Wed, July 8, 2026 at 10:01 PM GMT+2 1 min read ^DJI ^GSPC CL=F ^IXIC US stocks ended the session mixed on Wednesday, while  oil continued to surge  after President Trump declared that the memorandum of understanding between the US and Iran was "over. " The Dow Jones Industrial Average ( ^DJI ) fell roughly 1%, or more than 500 points, while the S&P 500 ( ^GSPC ) dropped 0. 2%.

The tech-weighted Nasdaq Composite ( ^IXIC ) trimmed losses to gain 0. 2% following a down day for US markets. Markets digested a sharp reescalation in US-Iran tensions after American forces carried out a " series of powerful strikes " against Iran late Tuesday in response to attacks on three commercial vessels in the Strait of Hormuz.

President Trump, speaking in Ankara ahead of a NATO summit, stated that the US-Iran ceasefire agreement was over amid the flare-up in hostilities. "As far as I'm concerned, it's just a waste of time dealing with them," Trump said of Iran. However, the president later added that he didn't think the war in Iran would fully restart, Bloomberg reported, even as he suggested that the US would "probably hit them hard again tonight.

" Energy markets have been shaken after the Treasury revoked a license that had allowed Iran to export oil globally, adding to concerns over potential supply disruptions . Crude prices climbed by about 5%, with West Texas Intermediate ( CL=F ) trading above $74 a barrel and Brent ( BZ=F ) holding near $78 a barrel. Investors parsed through the Fed's June meeting minutes for clues about policymakers' thinking after the central bank held interest rates steady at its first meeting under Chairman Kevin Warsh.

The minutes revealed a divided committee, with a few officials arguing that a rate hike could be warranted, though policymakers ultimately agreed to keep rates on hold.