07:34 AM EDT, 04/02/2026 (MT Newswires) -- US equity markets were pointing lower before the opening bell Thursday and oil prices climbed as President Donald Trump's address on the war with Iran dampened prospects for a near-term de-escalation.

The S&P 500 declined 1.1%, the Dow Jones Industrial Average fell 0.9% and the Nasdaq dropped 1.5% before the opening bell. The indexes finished the previous trading session higher.

US markets will be closed tomorrow for the Good Friday holiday.

During a televised speech from the White House on Wednesday, Trump reportedly said the US intends to hit Iran "extremely hard over the next two to three weeks." Trump noted that Washington is "on track" to complete all of its military objectives "very shortly," according to multiple media outlets.

Regarding the crucial Strait of Hormuz, Trump shifted responsibility to countries that rely on the route for trade and energy supplies, saying they "must take care of that passage." Iran effectively shut down the strait following joint US-Israel attacks that began at the end of February.

In an earlier social media post on Wednesday, Trump wrote that Iran's president asked the US for a ceasefire, but such a deal will only be considered once the Strait of Hormuz is "open, free, and clear."

"As far as the Iranian nation is concerned, we are absolutely determined and resolute to continue our defense against this aggression," a spokesperson for Iran's foreign ministry said in a Thursday statement, according to CNBC.

West Texas Intermediate crude oil advanced 7.8% to $107.90 a barrel before the open, while Brent inclined 7.3% to $108.56.

"We estimate that the average (second-quarter) oil supply disruption will be around 7.5 (million barrels per day), but if the military timeline is extended, risks are that oil prices will rise more than we currently anticipate, and that would both extend and increase the economic costs," Oxford Economics Chief Global Economist Ryan Sweet said in a report emailed to MT Newswires on Thursday.

Treasury yields were trending upwards in premarket action, with the two-year rate increasing 3.9 basis points to 3.84% and the 10-year rate gaining 4.7 basis points to 4.37%.

Employment and inflation risks in the US have tilted in opposite directions, with ongoing geopolitical events seen keeping price growth above the Federal Reserve's target throughout this year, St. Louis Fed President Alberto Musalem said Wednesday.

"The economic outlook is highly uncertain," Musalem said in prepared remarks for delivery in Washington, DC. "The risks to the labor market and inflation both tilt in unfavorable directions, that is, toward a weaker labor market and greater persistence of above-target inflation."

The Challenger Job Cut report for March posts at 7:30 am ET, followed by the weekly jobless claims bulletin at 8:30 am. On Wednesday, ADP (ADP) data showed private jobs in the US rose more than expected last month.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 65,000 nonfarm jobs in March, following a reduction of 92,000 in the previous month, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.4%.

Thursday's economic calendar also has the international trade in goods and services report for February at 8:30 am, while the weekly Baker Hughes oil-and-gas rig count is out at 1 pm.

The Trump administration is expected to unveil a tiered system for its tariffs on steel and aluminum products, Bloomberg News reported Thursday, citing people familiar with the matter.

Shares of Globalstar ( GSAT ) spiked 12% pre-bell following a report by the Financial Times that e-commerce giant Amazon.com ( AMZN ) is in talks to acquire the satellite company. Penguin Solutions ( PENG ) jumped 9.6% as the technology firm lifted its full-year outlook and reported better-than-expected fiscal second-quarter results.

Gold slipped 3.4% to $4,632 per troy ounce, while bitcoin fell 2.5% to $66,479.