# U.S. stocks fell in choppy trading on Thursday as hopes dimmed for a quick end to the Iran war.

*business · news · 2026-04-23 · The Economic Times*

## Key points

- Iran tightened control over the Strait of Hormuz, releasing footage of their commandos seizing a cargo ship.
- ServiceNow stock dropped 17% after reporting delayed government contracts in the Middle East, fueling software sector fears.
- The S&P 500 software and services index fell about 5% due to concerns over AI-driven business disruptions.
- Avis Budget shares plummeted 50% over two days, marking its steepest drop after a recent rally.

**Companies:** Texas Instruments, United Rentals, Molina Healthcare, West Pharmaceutical Services, IBM, Tesla
**Countries:** United States, Iran

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/markets/us-stocks/news/us-stocks-today-stocks-close-lower-on-fading-hopes-for-quick-iran-deal-mixed-quarterly-earnings/articleshow/130478488.cms)

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