Markets Close for Good Friday After Mixed Thursday
U.S. markets end the short week with S&P 500 up 0.11% and Dow down 0.13% as traders navigate Iran headlines and tariff announcements before the holiday.
U.S. stock markets are closed Friday for Good Friday. Trading resumes Monday, April 6.
Thursday's final session before the holiday delivered a split verdict: the S&P 500 eked out a 0.11% gain to close at 6,582.69, while the Dow slipped 0.13% to 46,504.67. The Nasdaq added 0.18% to finish at 21,879.18.
That flat performance masks wild intraday swings driven by competing forces—oil price spikes, tariff announcements, and Tesla's delivery miss all pulling markets in different directions.
Thursday's Volatility
Markets opened sharply lower after Trump's Wednesday evening comments suggested the Iran conflict would continue for weeks, not days. S&P 500 futures dropped more than 1% overnight.
But midday reports that Iran and Oman were negotiating to allow limited Strait of Hormuz transit sparked a rally. The Nasdaq briefly turned positive before settling near unchanged.
Oil whipsawed throughout. Brent crude ended near $107 per barrel after touching $111 early in the session. As we've tracked throughout the Iran conflict, energy markets remain hostage to headline risk.
Weekly Scorecard
| Index | Thursday Close | Week |
|---|---|---|
| S&P 500 | 6,582.69 | -1.2% |
| Dow | 46,504.67 | -0.8% |
| Nasdaq | 21,879.18 | -1.5% |
| Russell 2000 | 2,147.33 | -2.1% |
Small caps underperformed, continuing a trend that's persisted through the correction. The Russell 2000 is now down 12% from February highs, worse than large-cap indices.
What Moved Thursday
Losers:
- Tesla (TSLA) dropped 5.4% on disappointing Q1 deliveries
- Caterpillar (CAT) fell 1.5% on industrial demand concerns
- Eli Lilly (LLY) slid 1% after pharma tariff announcement
Winners:
- Energy stocks rallied on oil's climb—ExxonMobil up 1.8%, Chevron up 1.5%
- Defense names continued their run with Lockheed Martin adding 0.9%
- Gold miners gained as the metal held above $4,800
The Jobs Report Complication
Friday's March employment report arrives with markets closed. The consensus expects 57,000 jobs added—a modest recovery from February's 92,000 loss—but traders can't react until Monday.
That creates an unusual setup. Strong numbers would typically push yields higher and pressure growth stocks. Weak numbers might reignite recession concerns. Either way, the full market response gets delayed 72 hours.
For positioning, this means Monday's open carries elevated uncertainty. Futures will react Sunday evening when trading resumes, but cash market moves will concentrate in Monday's first hour.
What's Different This Time
Previous Good Friday holidays brought market-on-close positioning but not much else. This year, traders are navigating an active war, elevated oil prices, and an economy showing mixed signals.
The VIX closed at 28—above average but below the 30+ levels that signal acute stress. Options markets are pricing in roughly 1.5% daily moves over the coming week, suggesting continued choppiness.
Looking to Monday
When markets reopen, several catalysts await:
- Jobs report reaction: Whatever Friday's number, Monday prices it
- Iran developments: The holiday weekend could bring diplomatic progress or further escalation
- Earnings preview: Q1 reporting season begins in earnest next week with major banks
For now, traders get a forced break from screens. Given the volatility of recent weeks, some of them might appreciate it.
For more on navigating the current market environment, the pattern remains the same: headline risk dominates, position sizing matters, and certainty is in short supply.