Why are the S&P 500, Nasdaq, and the Dow crashing today?

U.S. stocks ended higher, with all three major indexes closing in the green after oil prices moved lower following Trump’s comments on Iran.

The S&P 500 rose 1.75% to 7,394.30, while the Nasdaq Composite gained 2.54% to 25,809.66. The Dow Jones Industrial Average added 929.97 points, or 1.86%, to finish at 50,848.75.

Oil moved the other way. West Texas Intermediate crude futures fell 2.58% to close at $87.71 a barrel after Trump’s announcement. Brent crude futures dropped 2.92% to settle at $90.38 a barrel. Both contracts kept falling after the official settlement.

Oracle was the weak spot in tech, sliding 8% after the company told investors it expects to raise another $20 billion in capital and reported negative free cash flow for the year.

That decline pushed Oracle into negative territory for the year. The stock is now down about 6% in 2026, while the Nasdaq is still up about 11%.

For its fiscal fourth quarter, Oracle beat Wall Street’s revenue and earnings expectations. Revenue climbed 21% to $19.18 billion, above the $19.1 billion average estimate from LSEG. Adjusted earnings came in at $2.03 per share, above the $1.96 analysts expected.

The problem is still Oracle’s huge AI infrastructure spending. Investors are watching whether that spending can turn into stronger profit after the company posted negative free cash flow of $23.7 billion for the last fiscal year.

Oracle said it plans to raise $40 billion through debt and equity financing. That figure includes the earlier $20 billion share sale. In fiscal 2026, the company had already raised $43 billion in debt and $5 billion in equity.

Capital spending jumped 162% to $55.7 billion. New Chief Financial Officer Hilary Maxson said Oracle’s net cash spending on capital expenditures in fiscal 2027 will be around $70 billion, not counting $20 billion to $25 billion in customer prepayments.

Oracle kept its fiscal 2027 revenue guidance at $90 billion and raised its adjusted earnings forecast to $8.05 per share. Analysts had expected $8.01 per share in adjusted earnings and $88.9 billion in revenue.

Piper Sandler analysts said Oracle will likely remain a debated stock, but they are positive on the company’s AI-related consumption growth. They still recommend buying the stock.

Bank of America analysts also recommend buying Oracle shares. They said more than 50% of the company’s remaining performance obligation comes from OpenAI, which is working with Oracle on Stargate, the U.S. AI infrastructure project.

Crude pulled back Thursday night after Trump told reporters that Washington was moving toward a deal with Iran to stop the war.

In extended trading, U.S. crude oil futures dropped 3.9% to $86.51 a barrel. Brent futures, the global benchmark, fell 4.2% to $89.15 a barrel.

The move came after a weaker regular session for oil. U.S. crude had settled at $87.71 a barrel, down more than 2%, while Brent closed at $90.38, lower by nearly 3%.

Trump said in the Oval Office that the U.S. had reached what he called “a great settlement of the war with Iran,” though he said the agreement still needs final documents. He also said he expects both sides to sign it in Europe after the paperwork is completed in the next few days.

Earlier Thursday, Trump called off planned airstrikes against Iran, pointing to talks with Tehran. He has tried several times to calm markets by saying a deal is near, even as U.S.-Iran tensions have kept rising again afterward.

Iranian state media outlet Fars pushed back soon after Trump’s remarks. In a Telegram post, Fars said Tehran had not approved any wording for an early memorandum of understanding with the U.S.

In another Telegram update, Fars described Trump’s decision as a tactical step back from military threats after he did not add new details to a draft Iran had already proposed.

Fars wrote in a translated post:

“The reality is that up until now, not only has Iran not given a final response, but it is the US that has returned to its previous demand.”

Fars also said:

“Of course, it seems that given that the US has accepted the text proposed by Iran, there is a possibility of re-examining this text.”

The mining group stayed under pressure. Cipher Digital (CIFR) dropped 7.99% to $21.20, with a market cap of $6 billion. Hut 8 (HUT) lost 6.1% to $105.78, with a market cap of $5.9 billion. Core Scientific (CORZ) fell 4.74% to $25.73, with a market cap of $5.2 billion. MARA Holdings (MARA) declined 4.58% to $12.70, with a market cap of $4 billion.

Bullish (BLSH) traded at $26.44, down 1.71%, with a market cap of $4.1 billion. Alliance Resource Partners (ARLP) was nearly flat, rising 0.06% to $25.39, with a market cap of $3.6 billion. CleanSpark (CLSK) dropped 5.89% to $15.03, with a market cap of $3.4 billion. Bitdeer Technologies Group (BTDR) fell 6.23% to $16.32, with a market cap of $2.9 billion.

A few smaller names moved higher. Metaplanet (MTPLF) gained 0.69% to $1.45, with a market cap of $2.4 billion. Exodus Movement (EXOD) rose 2.32% to $6.17, with a market cap of $309.2 million.

Intchains Group (ICG) climbed 5.73% to $0.74, with a market cap of $102 million. Fold Holdings (FLD) jumped 12.99% to $0.69, with a market cap of $86.5 million. Nano Labs (NA) gained 3.33% to $2.02, with a market cap of $68.4 million.

Other names were weaker. Rumble (RUM) fell 6.28% to $7.02, with a market cap of $1.7 billion. American Bitcoin (ABTC) dropped 2.37% to $0.83, with a market cap of $1.4 billion. Bitfarms (BITF) declined 3.58% to $5.93, with a market cap of $1.2 billion. SharpLink (SBET) lost 2.26% to $5.20, with a market cap of $1 billion.

Bit Digital (BTBT) fell 3.69% to $1.70, with a market cap of $576.1 million. HIVE Digital Technologies (HIVE) dropped 5.35% to $3.54, with a market cap of $568.2 million. Gemini Space Station (GEMI) slipped 1.12% to $4.41, with a market cap of $563.9 million. Meliuz (CASH3) rose 0.27% to $3.69, with a market cap of $432.5 million.

Prenetics (PRE) posted the steepest drop on the list, falling 8.1% to $19.23, with a market cap of $331.7 million. Boyaa International (BOYAF) was unchanged at $0.45, with a market cap of $328.1 million. Semler Scientific (SMLR) was also unchanged, with a listed price of $0 and a market cap of $310.7 million.

Canaan (CAN) dropped 2.42% to $0.32, with a market cap of $283.1 million. KULR Technology Group (KULR) fell 3.11% to $3.58, with a market cap of $213.2 million.

Twenty One (CEP) was unchanged at a listed price of $0, with a market cap of $185.2 million. ProCap BTC (CCCM) was also unchanged at a listed price of $0, with a market cap of $124.9 million.

Bitcoin Group SE (ADE) rose 1.14% to $26.60, with a market cap of $101.6 million. Genius Group (GNS) fell 1.7% to $0.23, with a market cap of $54.9 million. Sol Strategies (STKE) was flat at $1.21, with a market cap of $46.3 million.

Greenidge Generation Holdings (GREE) dropped 7.24% to $1.34, with a market cap of $20.4 million. Argo Blockchain (ARBK) fell 1.08% to $3.68, with a market cap of $1.4 million.

U.S. stock futures moved lower Tuesday night after American forces carried out strikes on Iran, adding fresh pressure to markets already dealing with Middle East tension.

Futures linked to the S&P 500, Nasdaq, and Dow Jones Industrial Average were all down about 0.2%.

U.S. Central Command said American forces launched “self-defense strikes” on Iran after a U.S. Army Apache helicopter was shot down the day before. Centcom also said on X that the strikes were “a proportional response to unjustified Iranian aggression.”

President Donald Trump had said earlier Tuesday that the U.S. would respond after the helicopter went down while flying over the Strait of Hormuz. Iran has not openly said it was responsible for the incident.

Trump later wrote on Truth Social:

“I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz. There were two pilots involved, both are safe and uninjured. Nevertheless, the United States must, of necessity, respond to this attack.”

The tension also hit Asia-Pacific markets when trading opened Wednesday. Japan’s Nikkei 225 fell 0.71%, while the Topix lost 0.30%.

In South Korea, the Kospi dropped 2.31%, and the Kosdaq slipped 0.67%. Australia’s S&P/ASX 200 was slightly lower.

Hong Kong Hang Seng index futures stood at 24,441, below the index’s previous close of 24,565.90.