About 30 minutes into trading, the Dow Jones Industrial Average was down 1% at 46,108.16.

The broad-based S&P 500 fell 0.9% to 6,516.01, while the tech-rich Nasdaq Composite Index shed 1.3% to 21,556.30.

US stocks had risen the last two days after Iranian President Masoud Pezeshkian appeared to open the door to a ceasefire, while US President Donald Trump scheduled an address to the country Wednesday night.

In the prime-time address from the White House, Trump said the US was “very close” to achieving its objectives but warned that more bombing could bring Iran “back to the Stone Ages.”

In response, Iran vowed “crushing” attacks on the US and Israel.

“The president didn’t tell us anything new last night during his speech and, if anything, just seemed to inflame the conflict with his tough talk,” said CFRA Research’s Sam Stovall.

Trump likely “made the Iranians more resolute in their maintaining control of the Strait of Hormuz and looking to upend global economic activity,” Stovall said.