Finance

The Nasdaq Composite struggled as major AI-linked stocks faced heavy selling pressure after Broadcom's quarterly guidance failed to meet high investor expectations. Broadcom shares plummeted roughly 13%, while cybersecurity firm CrowdStrike also saw its stock decline despite reporting a beat on its earnings and raising its full-year guidance.

Weekly initial jobless claims rose to 225,000, reaching a three-month high and suggesting a potential softening in the U.S. employment market. Additionally, first-quarter nonfarm labor productivity was downwardly revised to a 0.3% growth rate, well below initial estimates and the previous quarter's performance.

Oil prices and Treasury yields eased on Thursday as investors monitored the evolving conflict between the U.S. and Iran. The 10-year Treasury yield dropped to approximately 4.46% as crude prices slipped, providing some relief to borrowing costs even as the broader geopolitical situation remains a primary driver of market volatility.