Update: Equities Mixed at Close as Crude Rallies

04:42 PM EDT, 10/08/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) US benchmark equity indexes were mixed at closing on Thursday and oil prices increased as markets tracked the latest on the US-Iran war. The Nasdaq Composite fell 1.3% to 27,193.34, while the S&P 500 dropped 0.5% to 7,765.36, the second straight day of declines for the two measures. The Dow Jones Industrial Average gained 0.1% to 51,231.64. Energy led the gainers among sectors, while technology declined the most. Iran has no intention of giving up control of the Strait of Hormuz, with plans to block new routes for oil exports, Reuters reported Thursday, citing a senior diplomat in the region briefed by Tehran. US President Donald Trump ruled out strikes against Iran before the midterm elections. The statement followed reports that Trump and his national security team were weighing large-scale military operations against Iran. Brent crude oil was up 3.2% at $103.43 a barrel in Thursday late-afternoon trade, while West Texas Intermediate gained 2.9% to $90.85. The US central bank will likely have to raise interest rates further to bring inflation back to the 2% target faster, assuming there are no surprises in upcoming economic data, Federal Reserve Governor Christopher Waller said Thursday. However, the timing of any additional policy tightening is flexible, he said. Last month, the Federal Open Market Committee lifted its policy rate by 25 basis points, marking the first hike in just over three years as it sought to bring inflation down to its 2% target. Markets are pricing in an 83% probability that the central bank will keep its benchmark rate steady later this month, according to the CME FedWatch tool. The 10-year US Treasury yield was down 5 basis points at 5.23%, having hit the highest since 2002 on Wednesday. The two-year rate slipped 1.3 basis points to 4.75%. In company news, Starbucks (SBUX) has explored a takeover of Chipotle Mexican Grill (CMG) and has worked with advisers in recent months on a potential acquisition bid, the Financial Times reported Thursday, citing sources. Starbucks' shares fell 0.4%, while Chipotle rallied 6.2%, the second biggest gainer on the S&P 500. PepsiCo (PEP) trimmed its full-year earnings outlook Thursday, citing margin pressures in North America, even as third-quarter results beat expectations. Shares closed 3.7% higher. Viatris (VTRS) will acquire Pacira BioSciences (PCRX) in an all-cash transaction valued at roughly $1.65 billion to expand its non-opioid pain treatment portfolio. Pacira's stock surged 44%, while Viatris' shares were down 0.3%. Spot gold rose 0.6% to $4,135.42 per troy ounce, while silver decreased 1.4% to $59.45 per ounce.