The S&P 500 leaped 2.5% Wednesday after President Trump announced a two-week ceasefire. 

Oil prices are down, and stocks are up, though such moves have been quick to change since the war in Iran began.

The S&P 500 dropped 1.6% after a report showed U.S. employers cut more jobs last month than they created.

The Dow lost as many as 1,160 points Thursday before finishing the day with a drop of 784, or 1.6%.

Worries are particularly high about what will happen to the Strait of Hormuz off the coast of Iran, where roughly a fifth of the world’s oil passes.

Past military conflicts in the Middle East have not caused long-term drops for markets.

Chip companies helped drive the gains on hopes for more big spending by Amazon and other customers building out their AI offerings.

A Chinese company called DeepSeek said it had developed a large language model that can compete with U.S. giants at perhaps a fraction of the cost.