US Stock Market Today: Dow Jumps On Iran Peace Hopes; Nasdaq Slips Despite SpaceX Buzz

Wall Street was split shortly after the opening bell, as the tech-heavy Nasdaq Composite was down 0.2% at 25,764.8 despite the buzz over the listing of SpaceX, the Elon Musk-led space company whose record $75-billion IPO was oversubcribed four times.

The Dow Jones Industrial Average, however, was up 183 points, or 0.36%, at 51,032.16 as investors in the broader market cheered the likelihood of a peace deal between the United States and Iran.

The S&P 500 was flat, rising less then 0.1% at 7,401.8 at 9:35 am EST.

Traditional aerospace and industrial names heavily buoyed the Dow, led by Boeing, which surged nearly 5.8%, and Honeywell, which added over 6%. On the flip side, software giant Adobe acted as a major drag on the Nasdaq, sliding over 7% after its forward guidance failed to impress Wall Street despite an earnings beat. Meanwhile, Tesla extended its recent hot streak, climbing more than 5% in early trading.

In commodity markets, oil prices plunged as the Middle East risk premium rapidly unwound. The prospect of a diplomatic resolution and an open Strait of Hormuz sent global benchmark Brent crude tumbling more than 3% to slip below $89 a barrel. U.S. West Texas Intermediate (WTI) followed suit, shedding over $3 to trade around $84.66. The sharp drop in crude naturally weighed on energy equities, with sector heavyweights like Exxon Mobil dropping over 2.5%.

Elsewhere, precious metals experienced a sharp rally. Gold futures surged over 2% to trade comfortably above $4,170 an ounce—briefly piercing the $4,200 level—while silver climbed over 5%. The aggressive bidding in metals came as investors recalibrated their inflation expectations and positioned their portfolios ahead of next week's Federal Reserve policy meeting.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.