The main US stock market remained volatile on Monday in the face of uncertainty regarding the re-opening of the Strait of Hormuz.
At open, indices rebounded sharply from the previous session's close as reports indicated renewed optimism regarding the Hormuz issue
The Wall Street erased previous day's losses, with the S&P 500 opening 1.24% higher at 7,408.50, Dow Jones rising over 500 points to open 1.07% higher at 49,26 and tech-heavy Nasdaq Composite opened 1.54% higher at 26,225.14.
However, the indices retreated minutes after the opening bell to trade flat. The S&P 500 traded 0.04% lower at 7,407, Dow traded at 49,514.54 level and Nasdaq traded at 26,221.83 levels.
Earlier in the day, the Iranian media was reporting that Washington has proposed to waive off sanctions on Iranian oil temporarily.
Within the first hour of market open, Dow and S&P 500 swung to green again trading 0.16% higher while Nasdaq remained little changed.
ALSO READ: Iran Media Says Trump Proposed Oil Sanctions Waiver Till Final Deal; US Stock Futures Rebound
Investors may also be eyeing crude oil prices which have taken bit of a breather today. Brent Oil traded 1.41% lower at $107.72 per barrel while the West Texas Intermediate was down 1.65% to $99.35 per barrel.
After the market opened all except three of the sectoral indices traded in the green. Gains were led by the Communication Services sector and the Financials sector, whereas only the Energy, Industrial and Information Technology sectors traded in the red.
In the tech segment, all eyes are on bellwether Nvidia Corp, which is slated to post its first quarter results on Wednesday. Nvidia's stock traded 0.41% lower at $224.47 on the benchmark Nasdaq index as of 10 a.m. EST.
The Dollar Spot Index weakened against global currencies to fall 0.2%, euro rose 0.2% to $1.1649, British pound rose 0.5% to $1.3387, and Japanese yen was little changed at 158.72 per dollar.
Bitcoin, the largest traded cryptocurrency, was down 1.8% to $76,864.7.
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