Stock market today: Dow plummets, S&P 500 and Nasdaq fall as oil surges to highest levels since 2024

Market Overview - US stocks closed lower on Thursday, with the Dow Jones Industrial Average dropping approximately 1.6%, erasing its gains for 2026 amid a volatile first quarter [2] - The S&P 500 fell around 0.6%, while the Nasdaq Composite lost 0.3% [2] Geopolitical Impact - The ongoing conflict in the Middle East, particularly between the US-Israel coalition and Iran, has heightened market volatility, with no immediate signs of resolution [3] - Iran's reduced oil production capabilities, as the fourth-largest OPEC oil producer, are raising concerns about the impact on commodities and stock markets [3] Oil Market Dynamics - Oil prices have surged, with West Texas Intermediate and Brent crude futures reaching their highest levels since 2024, which may influence gas prices and overall market conditions [3] Economic Indicators - A significant monthly jobs report is scheduled for release on Friday, which will provide insights into the health of the labor market and may affect investor sentiment [3] Earnings Reports - Earnings season continues with Costco and Marvell Technology set to release their results after the market close on Thursday [4]