Stock Market Today, April 23: Markets Dip As Strait of Hormuz Conflict Intensifies
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By Josh Kohn-Lindquist – Apr 23, 2026 at 5:12PM ESTThe S&P 500 (^GSPC 0.41%) fell 0.42% to 7,108.04, the Nasdaq Composite (^IXIC 0.89%) slid 0.89% to 24,438.50, and the Dow Jones Industrial Average (^DJI 0.36%) dipped 0.36% to 49,310.31 as new developments in the Iran War and tech weakness offset energy strength near record highs.Market moversServiceNow plunged about 18% after slower-than-expected guidance put the broader software sector under pressure. Elsewhere, Tesla traded lower despite topping Q1 estimates, and meme favorite Avis Budget Group extended a prior 40%+ collapse. Lastly, Lululemon named ex-Nike executive Heidi O’Neill its new CEO, but the stock dropped 13% today as analysts critiqued the move.What this means for investorsWith tensions escalating in the Strait of Hormuz, ServiceNow’s earnings reigniting the software stock sell-off, and major brands like Tesla and Lululemon battling weakness today, the U.S. markets took a step back. However, there were a few “green shoots” in the market today that show the U.S. economy may be stronger than we give it credit for.First, United Rentals stock surged 23% higher after excellent earnings. As the world’s largest equipment rental company, URI acts somewhat like a bellwether to the broader industrial sector.Union Pacific also rose 9% today after its solid earnings, and I’d argue it provides similar insights into the U.S. economy.Lastly, Texas Instruments soared 19% after blowing past analysts’ expectations for its Q1 earnings and boosting guidance. Texas Instruments’ success today is a reasonable indicator that chip demand is not yet showing any weakness.Read NextApr 23, 2026 •By Brett SchaferStrait of Hormuz Crisis: How Markets Have Handled the "Largest Oil Supply Disruption in History" So FarApr 23, 2026 •By David DierkingWhat the S&P 500's Rocky Start to 2026 Actually Means for Your PortfolioApr 23, 2026 •By Sean WilliamsThe S&P 500 Just Did Something That's Historically Resulted in the Benchmark Index Doubling Over 5 YearsApr 22, 2026 •By Josh Kohn-LindquistStock Market Today, April 22: Alphabet Helps Lead U.S.
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