(Editor’s note: The future prices of benchmark tracking ETFs, the lede, the economic data and the headline were updated in the story.)
U.S. stock futures fell on Thursday following Wednesday’s advances. Futures of the major benchmark indices were lower.
U.S. initial jobless claims rose to 210,000 for the week ending March 21, a modest increase of 5,000 from the previous week's unrevised level. Despite this slight uptick, the labor market showed signs of underlying resilience as the four-week moving average edged down to 210,500.
Highlighting this strength, insured unemployment fell by 32,000 to 1.819 million for the week ending March 14, marking its lowest level since May 2024.
In a post on Truth Social early Thursday, President Donald Trump described Iranian negotiators as "very different" and "strange," claiming they are "begging" for a deal despite publicly saying they are only "looking at our proposal." He warned that Iran “better get serious soon,” or there may be "no turning back,” cautioning that the outcome "won't be pretty."
This came after Trump said Wednesday that Iran was eager to reach a deal to end nearly four weeks of fighting, contradicting Iran’s foreign minister, who said Tehran was reviewing a U.S. proposal but had no plans to negotiate an end to the conflict.
Meanwhile, the 10-year Treasury bond yielded 4.37%, and the two-year bond was at 3.94%. The CME Group's FedWatch tool‘s projections show markets pricing a 93.8% likelihood of the Federal Reserve leaving the current interest rates unchanged in its April meeting.
| Index | Performance (+/-) |
| Dow Jones | -0.47% |
| S&P 500 | -0.55% |
| Nasdaq 100 | -0.65% |
| Russell 2000 | -0.92% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Thursday. The SPY was down 0.80% at $651.54, while the QQQ declined 0.99% to $582.00.
Stocks In Focus
Olaplex Holdings
- Olaplex Holdings Inc. (NASDAQ:OLPX) surged 48.12% in premarket on Thursday after it announced to be acquired by Henkel AG & Co. KGaA for $2.06 per share in cash, representing an equity value of approximately $1.4 billion.
- Benzinga’s Edge Stock Rankings indicate that OLPX maintains a weak price trend over the long, short, and medium terms.
FiscalNote Holdings
- FiscalNote Holdings Inc. (NYSE:NOTE) shares declined 3.94% after it received notification from the New York Stock Exchange that it no longer complies with the NYSE's continued listing standard requiring companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
- Benzinga’s Edge Stock Rankings indicate that NOTE maintains a weak trend in the long, short, and medium terms.
Worthington Steel
- Worthington Steel Inc. (NYSE:WS) plunged 14.04% after reporting weaker-than-expected third-quarter financial results.
- Benzinga’s Edge Stock Rankings indicate that WS maintains a weak price trend over the short, medium, and long terms, with a solid value score.
MillerKnoll
- MillerKnoll Inc. (NASDAQ:MLKN) slumped 19.16% after reporting worse-than-expected third-quarter financial results and issuing weak fourth-quarter earnings guidance.
- Benzinga’s Edge Stock Rankings indicate that MLKN maintains a weak trend in the short, long, and medium terms, with a poor growth score.
Pony AI
- Pony AI Inc. ADR (NASDAQ:PONY) was 2.11% higher after it partnered with Verne and Uber Technologies Inc. (NYSE:UBER) to launch Europe’s first commercial Robotaxi service.
- Benzinga’s Edge Stock Rankings indicate that PONY maintains a weak price trend in the short, medium, and long terms.
Cues From Last Session
Consumer discretionary, materials, and health care stocks led the S&P 500 higher on Wednesday, while energy and real estate shares finished in the red.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.66% | 46,429.49 |
| S&P 500 | 0.54% | 6,591.90 |
| Nasdaq Composite | 0.77% | 21,929.83 |
| Russell 2000 | 1.23% | 2,536.38 |
Insights From Analysts
According to BlackRock's March 2026 commentary, the firm has downgraded U.S. stocks to neutral as escalating Middle East conflict creates a significant “macro shock.”
This geopolitical instability has triggered a “sharp repricing in energy markets,” leading to expectations of a prolonged supply disruption that could drag on global growth by approximately 0.75%.
BlackRock highlights a growing “market disconnect,” noting that current equity prices do not yet reflect the “macro damage that energy pricing implies.” While the S&P 500 remains near record highs, the firm warns that higher energy costs and uncertainty will soon weigh on demand.
Economically, the “energy shock has further weakened the case for the Fed’s easing rates this year.” Market expectations have shifted dramatically from anticipating three rate cuts to “veering toward a hike.”
BlackRock suggests that the window for Fed intervention is “closing fast” as persistent inflation and high debt burdens keep bond yields elevated. Consequently, they are “dialing down tactical risk,” remaining cautious until tangible evidence of de-escalation appears.
Upcoming Economic Data
Here's what investors will be keeping an eye on Thursday.
- Initial Claims: Advanced to 210,000 (seasonally adjusted) for the week ending March 21.
- Four-Week Average: Initial claims average decreased by 250 to 210,500.
- A series of Fed speakers are scheduled for the evening, including Governor Lisa Cook at 4:00 p.m., Governor Stephen Miran at 6:30 p.m., Vice Chair Philip Jefferson at 7:00 p.m., and Governor Michael Barr at 7:10 p.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 3.55% to hover around $93.53 per barrel.
Gold Spot US Dollar fell 1.72% to hover around $4,428.84 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.08% higher at the 99.6820 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.50% higher at $71,238.02 per coin, as per the last 24 hours.
Asian markets closed lower on Thursday, except India’s Nifty 50 index. South Korea's Kospi, Japan's Nikkei 225, China’s CSI 300, Australia's ASX 200, and Hong Kong's Hang Seng indices fell. European markets were also lower in early trade.
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