Wall Street closed mostly lower on Thursday, as President Donald Trump’s national address vowing to hit Iran “extremely hard” reversed Wednesday’s brief optimism and pushed oil prices sharply higher.
Oil Hits $111 a Barrel as Trump Speech Crushes April 1 De-escalation RallyApril 1 had posted solid gains across all three major indices: the S&P 500 rose 0.7%, the Nasdaq added 1.2%, and the Dow gained 0.5%. Those moves reflected confidence that the Middle East conflict was near resolution. April 2 showed how quickly that confidence can break.
FAQ What happened to U.S. stocks on April 2, 2026? The Dow, S&P 500, and Nasdaq all closed modestly lower after Trump’s speech escalating the Iran conflict sent oil prices sharply higher and reversed Wednesday’s gains. Why did oil prices spike on April 2? Trump’s national address vowing to strike Iran “extremely hard” revived fears of prolonged Middle East conflict and continued disruption to oil supply routes, including the Strait of Hormuz. How did Bitcoin perform on April 2, 2026? Bitcoin fell roughly 1.6% to close around $67,024, with Ethereum and most altcoins also declining as risk appetite dropped across global markets. What is Trump’s proposed 2027 defense budget? The administration proposed a $1.5 trillion defense budget for fiscal year 2027, which would be the largest annual U.S. military spending increase since World War II.
