The US markets ended sharply lower on Thursday as oil prices surged amid deepening concerns about supply disruptions due to escalating Middle East Conflict. Traders also remained on sidelines ahead of key U.S. inflation data, due later in the day. Traders paid no heed towards the Labor Department’s data showing that initial jobless claims in the US fell by 1,000 from the previous week to 213,000 in the first week ended March 7, slightly below expectations of 215,000 and broadly in line with levels seen over the past three weeks. Traders overlooked the Commerce Department’s report revealed that US housing starts rose 7.2% month-on-month to a seasonally adjusted annual rate of 1.487 million in January 2026, up from a downwardly revised 1.387 million in December and well above forecasts of 1.35 million.
On the sectoral front, Steel stocks experienced notable declines during the session, with the NYSE Arca Steel Index dropping by 3.9 percent. Oil service, banking and biotechnology stocks also witnessed considerable weakness, while utilities and oil producer stocks bucked the downtrend.
Dow Jones Industrial Average slipped 739.42 points or 1.56 percent to 46,677.85, Nasdaq decreased 404.15 points or 1.78 percent to 22,311.97 and S&P 500 fell 103.18 points or 1.52 percent to 6,672.62.
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