Wallstreet reversed pre-market gains to open in the red as Iran reportedly stopped its communication with the United States over Israel's Lebanon offensive on Monday.
S&P 500 opened 0.16% lower at 7,567.94, the Dow Jones Industrial Average slipped 0.32% or over 160 points to open at 50,869.04, and the tech-heavy Nasdaq Composite was down 0.14% to 26,934.59.
The Iranian negotiating team will suspend "talks and the exchange of documents through mediators," the semi-official Tasnim reported, citing a statement.
Crude oil prices hastened their rally, with Brent Crude near $96 per barrel after rising over 5% and West Texas Intermediate trading 6% higher at $92.56 per barrel.
However, Nasdaq pared losses to trade flat minutes after the opening bell, lifted by tech bellwether Nvidia Corp. and Microsoft Corp.'s gains.
Nvidia rose over 4% to $219 while Microsoft was up 2.25% to $461.59 after the two companies made major AI-related announcements and collaborations earlier in the day at the GTC Taipei 2026.
ALSO READ: Nvidia, Microsoft Team Up To Take On Apple In PC, Laptop Market — Here's What It Means For You
Nvidia founder and CEO Jensen Huang's keynote speech marked a crucial moment for the world of computers, as the largest company in the world announced a partnership with Microsoft to build the next generation of personal computers.
As part of the deal, Nvidia is set to lend its latest 'superchip' called the Nvidia RTX Spark, which will run a version of Microsoft Windows designed for agentic AI capabilities and tasks, allowing users greater power and computing ability.
Shares of Intel Corp. and Advanced Micro Devices on the other hand, slumped sharply as the deal is expected to directly hit their chip business volumes and sales.
ALSO READ: Global Fuel Shortages Loom As IMF, World Bank, IEA Warn Of Prolonged Hormuz Strait Crisis
As of today, most Windows PCs and laptops are run by Intel's i-series or AMD's Ryzen-series CPUs, something which this partnership will potentially re-define. AMD was down 5.17% to $490.32, while Intel plunged 6.3% to $107.34.
The US dollar spot index strengthened against global currencies and rose 0.3%. The euro fell 0.3% to $1.1624, British pound fell 0.2% to $1.3429, and the Japanese yen fell 0.3% to 159.72 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 2.6% to $71,737.76.
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