Traders react as the Dow Jones Industrial Average surpasses the 50,000 mark on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Feb. 6, 2026.
Brendan McDermid | Reuters
The S&P 500 was relatively unchanged on Thursday as oil prices and Treasury yields were volatile, with traders hoping for a resolution to the Middle East conflict.
The broad market index fell 0.1%, while the Nasdaq Composite declined 0.2%. The Dow Jones Industrial Average traded up 169 points, or 0.4%.
West Texas Intermediate futures were last marginally lower to around $98 per barrel. Brent crude also fell slightly to around $104 per barrel.
Crude prices initially jumped after Reuters reported, citing sources, that Iran’s supreme leader issued a directive to keep enriched uranium within the country — further complicating the outlook to a resolution to the U.S.-Iran war.
The earlier spike in oil was followed with a move higher in Treasury yields, as traders grew fearful of rising inflation. However, yields on the benchmark 10-year Treasury note and 30-year bond later pulled back, ultimately rising more than 1 basis point to 4.582% and falling less than 1 basis point to 5.107%, respectively.
Stocks rallied on Wednesday, snapping a three-day losing streak for the S&P 500, as oil prices and bond yields retreated. Investor spirits were lifted after President Donald Trump said the administration was in the “final stages” of negotiations with Iran, according to a pool report.
“If inflation kicks up because oil prices stay at $100 or more, which could happen, there could be short-term concerns around that, and you’ll hear a lot of headline risk,” said The Wealth Alliance CEO Robert Conzo. However, he noted that the current level of the Cboe Volatility Index – around 17 – signals that investors are “feeling pretty comfortable” given the proliferation of artificial intelligence, strong earnings and low unemployment.
“All eyes on a deal,” he said.
Traders on Thursday also digested Nvidia’s latest quarterly report. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to 25 cents. But investors have come to expect the chipmaker to beat estimates and raise its outlook amid the AI boom.
Nvidia shares were last seen trading down nearly 1%.
“People are saying, ‘We expect more,'” Conzo said. “They just want more to the point where more becomes unrealistic.”