- US stock market showed mixed results amid oil price stability and Strait of Hormuz reopening signs
- Dow Jones rose 74.29 points to 54,050.27, S&P 500 gained 4.96 points to 7,758.07
- Nasdaq Composite declined 49.365 points to 26,555.992 in early trading
The US stock market traded mixed on Tuesday as investors assessed stabilising oil prices and signs of progress toward reopening the Strait of Hormuz, while lingering uncertainty over a broader US-Iran resolution kept sentiment in check.
The Dow Jones Industrial Average was up 74.29 points, or 0.14%, at 54,050.27 as of 9:31 a.m. EDT. The S&P 500 gained 4.96 points, or 0.06%, to 7,758.07 at 9:32 a.m. EDT. The Nasdaq Composite fell 49.365 points, or 0.19%, to 26,555.992 at 9:37 a.m. EDT.
Nvidia shares rose around 2%, offering some support to the broader market. The chipmaker said on Monday that it was partnering with six large asset managers to mobilise more than $500 billion for artificial intelligence infrastructure.
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Oil prices remained relatively steady as markets tracked developments around the Strait of Hormuz. Iran has said it is nearing a deal with Oman to reopen the key shipping route, but Tehran continues to resist direct negotiations with the US until certain conditions are met.
Iranian Foreign Minister Abbas Araghchi said Sunday there was no possibility of restarting negotiations as long as the US continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim News Agency.
US West Texas Intermediate futures were marginally lower at around $82 a barrel, while Brent crude slipped slightly to around $87 a barrel.
In Asia, South Korea's Kospi rose 0.73% and Australia's S&P/ASX 200 gained 0.19%. Hong Kong's Hang Seng fell 1.03%, while mainland China's CSI 300 declined 0.79%. Japan's markets were closed for a holiday.
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European stocks edged higher initially, although optimism over an imminent reopening of the Strait of Hormuz appeared to be fading. London's FTSE 100, France's CAC 40 and Germany's DAX were below the flatline in early trade.
Investors are now awaiting key US inflation data. The July consumer price index is due Wednesday, followed by the producer price index on Thursday. The readings could influence the Federal Reserve's policy outlook after a weak jobs report raised concerns over the health of the US economy.
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