Stocks tumble after Trump vows to hit Iran ‘extremely hard’ in coming weeks
Traders work on the floor of the New York Stock Exchange, March 31, 2026 in New York City. (Spencer Platt/Getty Images)
(NEW YORK) — Stocks tumbled worldwide on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.
The Dow Jones Industrial Average fell 600 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1.6%.
The selloff followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 1.3%.
Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering at $112 a barrel.
Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.
This is a developing story. Please check back for updates.
Stock Market Wall Street (Matteo Colombo/Getty Images)
(NEW YORK) — Stocks closed slightly lower and oil prices rose on Monday as tensions mounted in the Strait of Hormuz, putting pressure on the ceasefire between the U.S and Iran a day before it’s set to expire.
The Dow Jones Industrial Average ticked down 4 points, or 0.01%, while the S&P 500 dipped 0.2%. The tech-heavy Nasdaq declined 0.2%.
U.S. Marines seized an Iran-flagged container ship in the Gulf of Oman on Sunday, according to CENTOM, just a day after two Indian ships came under fire in the Strait of Hormuz.
A potential second round of peace talks between the U.S. and Iran remained in doubt on Monday. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Monday that Iran has not yet made any decision regarding additional talks.
West Texas Intermediate futures, the benchmark index for U.S. oil prices, climbed more than 5% on Monday, registering at about $88 a barrel. U.S. oil prices stand about 35% higher than before the war.
The escalating tensions appeared to undo a brief thaw on Friday, when a senior Iranian official declared the strait “completely open” for tanker traffic. Within minutes, President Donald Trump celebrated the announcement as a major breakthrough.
The glimmer of relief for the critical waterway sent stock prices soaring and oil prices plummeting on Friday.
Markets have swung dramatically over the weeks following the start of the U.S.-Israel attacks on Iran on Feb. 28, as investors weathered a historic global oil shock and digested mixed signals from Trump.
Stocks have moved higher on a largely consistent basis in April, however, in response to an apparent willingness on the part of both sides to end fighting and negotiate a temporary truce.
The U.S. continues to mount a naval blockade of Iranian ports in the Strait of Hormuz, exerting pressure on Tehran by choking off a key source of revenue.
Last week, the commander of the Khatam Al-Anbiya Central Headquarters of Iran’s armed forces said the U.S. blockade of Iranian ports is a “violation of the ceasefire,” in a statement published by the official Islamic Republic News Agency.
The war prompted Iran’s effective closure of the Strait of Hormuz, a vital maritime trading route that facilitates the transport of about one-fifth of the global supply of oil and natural gas.
The disruption amounted to the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a report last week. Oil and gasoline prices soared, prompting some economists to warn of a possible recession.
A 2024 tax year 1040 form. (Photo by John Moore/Getty Images)
(NEW YORK) — Tax season kicked off this week as the U.S. Internal Revenue Service began allowing filers to submit completed tax forms.
Americans can file anytime before April 15. The IRS said earlier this month that it expects more than 164 million individual tax returns to be filed by that deadline.
Refunds are typically sent within 21 days, the agency says. For paper returns, the IRS says turnaround time can last more than four weeks.
Some tax filers can avail themselves of new options associated with the “One Big Beautiful Bill” enacted last year.
“Tax season 2026 brings some of the most significant tax code changes we’ve seen in years,” Alison Flores, director of the Tax Institute at H&R Block, said in a statement.
“The ‘One Big Beautiful Bill Act’ makes some rules permanent, introduces new ones, and creates a complex mix of deductions and credits that will impact the take-home pay of nearly every American,” Flores added.
For the first time, taxpayers can enroll in so-called Trump accounts, deposits of $1,000 made by the federal government for every baby born between 2025 and 2028.
Filers can enroll through elections on IRS Form 4547 as part of their tax return. Families can contribute up to $5,000 each year, while employers can contribute up to $2,500 annually for each employee.
Seniors, meanwhile, may opt for a new $6,000 tax deduction — or $12,000 for a married couple — as part of an effort to ease the tax burden for older Americans, the IRS said.
Tipped workers can deduct up to $25,000 in “qualified tips” as part of the “No Tax on Tips” initiative. The IRS defines eligible tips as those that involve “voluntary cash or charged tips received from customers, including shared tips,” according to the agency’s website.
Taxpayers who received overtime pay last year may also deduct such income in accordance with a “No Tax on Overtime” effort. Filers may deduct up to $12,500 or $25,000 for joint filers, the IRS said.
Car-loan interest may also be deducted, though the policy does not apply to lease payments. The maximum annual deduction for car-loan interest is $10,000, the IRS said, but the option is unavailable for individuals who report $100,000 or more in gross income.
Standard deduction limits increased this year, allowing filers to shield larger sums from taxes. On its website, the IRS spells out the new deduction amounts available at different income levels.
Up to nearly three in 10 Americans waits until the last minute to file their taxes, according to a 2024 survey by IPX 1031, a tax advisory firm. That amounts to tens of millions of people.
Taxpayers can typically file an extension that lasts six months, meaning those who obtain an extension will be allowed to submit their tax forms without penalty until Oct. 15.
If a filer forgoes an extension and files late, the person risks additional fees for the tardy submission. The penalty amounts to 5% of the taxes owed for each month that the filing is late, up to a maximum of 25%.
Under such circumstances, the IRS mails a letter or notice alerting the filer of a late fee.
Traders work on the floor of the New York Stock Exchange. (Michael M. Santiago/Getty Images)
(NEW YORK) — The S&P 500 hit a record high on Wednesday as the ceasefire between the U.S. and Iran entered its second week, appearing to boost hopes of a resolution to the Middle East conflict.
The uptick in markets came hours after President Donald Trump reiterated his desire to wind down the conflict, saying the war is “very close to over” in a portion of an interview with Fox News’ Maria Bartiromo that aired on Tuesday.
The S&P 500 climbed 0.5% on Wednesday, registering at 7,005.78 points. The index reached a previous high of 7,002.28 points on Jan. 28.
The Dow Jones Industrial Average fell 125 points, or 0.2%, while the tech-heavy Nasdaq increased 1.1%.
Markets have swung dramatically over the weeks following the start of the U.S.-Israel attacks on Iran on Feb. 28, as investors weathered a historic global oil shock and digested mixed signals from Trump.
Stocks moved higher on a largely consistent basis in April, however, in response to an apparent willingness on the part of both sides to end fighting and negotiate a temporary truce.
The U.S. continues to mount a naval blockade of Iranian ports in the Strait of Hormuz, exerting pressure on Tehran by choking off a key source of revenue.
On Wednesday, the commander of the Khatam Al-Anbiya Central Headquarters of Iran’s armed forces said the U.S. blockade of Iranian ports is a “violation of the ceasefire,” in a statement published by the official Islamic Republic News Agency.
The war prompted Iran’s effective closure of the Strait of Hormuz, a critical waterway that facilitates the transport of about one-fifth of the global supply of oil and natural gas.
The disruption amounted to the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a new report on Tuesday. Oil and gasoline prices soared, prompting some economists to warn of a possible recession.
U.S. oil prices have fallen from a recent peak achieved in the early days of the war, but costs remain nearly 40% higher than pre-war levels.
U.S.-Iran talks in Pakistan over the weekend failed to secure a peace deal. Trump said that Iran’s alleged unwillingness to abandon its nuclear program was the key sticking point, and that the U.S. would respond with a blockade of the Strait of Hormuz, which began Monday.
Israel, meanwhile, has continued ground operations and intense strikes in Lebanon, where it is engaged with the Iran-backed Hezbollah militia. Israeli Prime Minister Benjamin Netanyahu said he supported the ceasefire with Iran, but that Lebanon was not covered by the agreement, despite Iranian protests.
ABC News’ David Brennan, Meredith Deliso, and Nadine El-Bawab contributed to this report.
