Stocks fell on Thursday, losing momentum from the previous session's gains, as higher oil prices pressured outlooks as the war in the Middle East continues, adding to lingering global recession fears.
The Dow Jones Industrial Average
Crude oil futures represented by the West Texas Intermediate jumping 5% to trade above $98 per barrel, while international benchmark Brent also added 5% to settle above $108 per barrel.
Impacting market sentiment, the Organization for Economic Cooperation and Development (OECD) forecasted that all-items inflation in the U.S. will today 4.2% for 2026, marking a sharp jump from its previous projection of 2.8%. The global policy group noted that the Iran war and its impact on the global energy market may necessitate policy intervention from the Federal Reserve, according to the report.
The OECD said that central banks "need to remain vigilant and ensure that inflation expectations stay well anchored," the report reads, adding that "monetary policy adjustments may be needed if price pressures broaden or if growth prospects weaken substantially."
JPMorgan analyst Jeffrey Zekauskas downgraded Scotts Miracle-Gro
"We think that Scott's raw materials will be about $45-$50m higher on average in 2027 than in F2026," Zekauskas wrote in a note on Thursday. "These are not especially large numbers as a base case for a company that reported $440m in adjusted operating profit in F2025 and $3.4b in sales, but they are a headwind."
For Friday, market participants will turn their attention towards a reading on consumer sentiment and earnings from Carnival Cruise
