U.S. stock markets displayed a mixed performance during Thursday's early trading session. The S&P 500 index was largely unchanged, while the Nasdaq Composite turned positive. Rising oil prices were driven by the U.S.-Iran conflict. Economic data revealed that U.S. fourth-quarter productivity and labor cost increases exceeded expectations, while initial jobless claims held steady.

The Dow Jones Industrial Average fell by 255.30 points, or 0.52%, to 48,484.11. The Nasdaq Composite rose by 69.12 points, or 0.30%, to 22,876.61. The S&P 500 dipped by 0.64 points, or 0.01%, to 6,868.86. U.S. West Texas Intermediate crude futures climbed 3%, trading above $76 per barrel, while the international benchmark Brent crude futures increased over 2%, surpassing $83 per barrel. Wednesday's market close was positive, buoyed by gains in technology and semiconductor giants. The Dow snapped a three-day losing streak, and both the S&P 500 and Nasdaq Composite recorded solid gains for the session. Savita Subramanian, Head of US Equity and Quantitative Strategy at Bank of America Securities, commented, "Conditions are changing at the margin. Clearly, we are facing a geopolitical shock, and we are still analyzing how it might affect equity risk premiums." "Beyond that, however, I think what we're seeing is the tide slowly going out for some beneficiaries of the extremely low interest rate environment," she added. After surging earlier in the week, oil prices stabilized on Wednesday, with WTI futures settling up 0.13% and Brent crude closing flat. Recent remarks from former U.S. President Trump, stating that the U.S. was preparing to provide risk insurance and escorts for vessels in the Persian Gulf to ensure traffic could pass through the Strait of Hormuz, alleviated some market concerns about regional oil and gas supply disruptions. However, it remained unclear when the Strait, which handles about 20% of global oil supply, would be deemed safe for tankers, as the White House provided no specific timeline. In a briefing, a U.S. defense official stated that the U.S. had achieved a "decisive victory" in the conflict with Iran and that additional forces were arriving in the region. In other news, a Treasury official indicated that a recently announced 15% global import tariff could take effect this week. On the economic data front, U.S. fourth-quarter productivity and labor cost increases surpassed forecasts, while initial jobless claims remained unchanged. Data released Thursday showed that both productivity and unit labor costs rose more than anticipated in the fourth quarter, while the number of layoffs in the past week showed little change. The Bureau of Labor Statistics reported that productivity, which measures output per hour worked, increased by 2.8% between October and December. Economists surveyed by Dow Jones had predicted a 1.8% rise. On an annualized basis, productivity also grew by 2.8%. Similarly, unit labor costs, representing compensation minus productivity, also increased by 2.8%, exceeding the 2% estimate. Labor costs rose by 1.3% over a 12-month period. The BLS also reported that import prices increased by 0.2% in January, slightly below the 0.3% forecast. Separately, the Labor Department stated that initial jobless claims totaled 213,000 for the week ending February 28, unchanged from the previous period and slightly below the estimate of 215,000. Continuing jobless claims, which lag by a week, increased by 46,000 to 1.87 million. According to outplacement firm Challenger, Gray & Christmas, both planned layoffs and hiring announcements declined in February, continuing a trend in the labor market. In its monthly tracking of activity among the nation's largest employers, Challenger reported that companies announced 48,307 job cuts in February, down 55% from January and 72% lower than the same period a year ago. The technology sector accounted for the largest portion of these layoffs, with cuts rising 51% compared to February of the previous year. Artificial intelligence was cited as a reason for 10% of the job cuts. Regarding hiring, announced hiring plans jumped 140% from January's low point but were down 63% compared to February of the previous year. Year-to-date hiring plans are 56% lower than the same period last year.