NEW YORK, April 23 (Xinhua) -- U.S. stocks ended lower on Thursday, as the ongoing naval standoff between the United States and Iran in the Strait of Hormuz continued to weigh on market sentiment amid a fragile ceasefire.
The Dow Jones Industrial Average fell 0.36 percent to 49,310.32. The S&P 500 sank 0.41 percent to 7,108.4. The Nasdaq Composite Index shed 0.89 percent to 24,438.5.
Six of the 11 primary S&P 500 sectors closed in negative territory, with technology and consumer discretionary leading the declines by 1.47 percent and 0.93 percent, respectively. Utilities and industrials were the top performers, rising 2.8 percent and 1.75 percent.
Stocks came under pressure as the conflict evolved into a naval standoff, with both sides fighting for control of the strategically vital Strait of Hormuz and seizing commercial ships this week. U.S. President Donald Trump ordered the U.S. Navy to "shoot and kill any boat" laying mines along the waterway.
Oil prices rose on the day. West Texas Intermediate crude for June delivery increased 2.89 U.S. dollars, or 3.11 percent, to settle at 95.85 dollars per barrel on the New York Mercantile Exchange. Brent crude for June delivery gained 3.16 dollars, or 3.1 percent, to settle at 105.07 dollars per barrel on the London ICE Futures Exchange.
In corporate developments, IBM tumbled more than 8 percent and ServiceNow plunged nearly 18 percent after their quarterly results. While IBM beat estimates on revenue and earnings, it maintained its full-year guidance, disappointing investors. ServiceNow's subscription revenue growth was hampered by the Middle East conflict.
Other software stocks followed lower, with Palantir Technologies falling more than 7 percent and Oracle dropping roughly 6 percent.
However, Intel rocketed more than 20 percent in after-hours trading following a first-quarter earnings report that beat expectations on both the top and bottom lines and offered better-than-anticipated guidance for the second quarter, driven by strong data center sales.
Shares of most of the "Magnificent Seven" technology giants finished lower, a day after broad gains across the group. Microsoft led the declines at nearly 4 percent after the company offered buyouts to U.S. employees for the first time in its more than 50-year history.
