S&P futures are little changed following another record-setting day for benchmark: Live updates – CNBC

Stocks pulled back on Thursday, led by a drop in software and higher oil prices, as investor uncertainty toward the trajectory of the Iran war hovered over the market.

The S&P 500 traded down 0.41% to close at 7,108.40, after earlier hitting a new all-time intraday high. The tech-heavy Nasdaq Composite declined 0.89% to finish at 24,438.50. It had also scored a new all-time high in the session. The Dow Jones Industrial Average lost 179.71 points, or 0.36%, to finish at 49,310.32.

Shares of IBM and ServiceNow tumbled more than 8% and almost 18%, respectively, after the companies posted their latest quarterly results. While IBM beat on the top and bottom lines, the company maintained its full-year guidance, disappointing investors. For ServiceNow, the company’s subscription revenue growth was hindered by the Middle East conflict.

Other software stocks followed suit by moving into the red. Microsoft, for instance, slid about 4%. Palantir Technologies fell more than 7%, while Oracle declined roughly 6%. The iShares Expanded Tech-Software Sector ETF (IGV) was down around 6% as well.

“Stocks are trying to find their footing after an incredible rebound off of the March lows,” said Chris Kampitsis, managing partner of Barnum Financial Group’s The SKG Team. “We expect stocks to stay range round in the near term as markets await their next catalyst.”

While Kampitsis noted that the market is ultimately “becoming less sensitized to Iran headlines,” the war still weighed on stocks Thursday, as it has now turned into a naval standoff between the U.S. and Iran amid a fragile ceasefire. Both nations are fighting for control over the Strait of Hormuz and have seized commercial ships this week.

President Donald Trump on Thursday ordered the Navy to “shoot and kill any boat” laying mines along the strait. “There is to be no hesitation,” the president wrote in a Truth Social post.

Later in the day, oil prices moved higher, with Brent crude futures settling above $105 per barrel, after Israel’s N12 news reported that Iran’s parliament speaker had resigned from the negotiating team, raising fears the Revolutionary Guard was taking firmer control. CNBC has not yet confirmed the report.

Air defenses have since been heard “engaging hostile targets” in Tehran, Reuters reported Thursday, citing Iran’s ​Mehr news ‌agency. This comes after air defense batteries had reportedly been activated in the capital.

Trump had said this week that the ceasefire extension was warranted due to Tehran’s government being “seriously fractured.”