The main US stock market indices opened in the red on Monday as possibillity of a truce with Iran faltered after talks failed in Pakistan.
The S&P 500 opened 0.21% lower at 6,802.66, tech-heavy Nasdaq Composite fell 0.23% to 22,850.87, and Dow Jones Industrial Average shed nearly 400 points to trade at 47,670.64.
Shares of Goldman Sachs slumped over 4% in early trade to $870.81, even as the the company reported a 19% in the first quarter results. However, fixed income, currencies, and commodities (FICC) revenue, fell 10% to $4.01 billion.
As of 10:20 a.m. EST, Dow was down over 0.5% to 47,659.43, S&P 500 traded flat at 6,817.74, and Nasdaq pared some losses to traded 0.14% higher at 22,937.76.
After the market opened all except three sectoral indices traded in the red, with decline led by materials sector, consumer staples sector, and utilities sector. The energy, information technology and healthcare sectors were the only indices trading in the green.
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The magnificent seven presented a split picture. Stocks of Nvidia Corp. Apple Inc., and Amazon.com Inc. traded lower while Microsoft Corp., Google-parent Alphabet Inc., and Tesla Inc., traded higher.
Apple Inc.'s stock traded fell sharply by 1.33% to $256.84, Nvidia traded 0.4% lower at $187.83, and Amazon was down 0.42% at $237.38. Tesla Inc. stock jumped 1.5% to trade at $354.56, and Google's stock traded 0.8% higher at $319.65. Shares of Meta Platforms Inc. were trading flat at $630.13.
Oil prices continued to tick higher on Hormuz Blockade announced by Donald Trump and Iran conflict jitters. West Texas Intermediate was up 5% to $101.07 a barrel and global benchmark brent crude up nearly 7% to $101.73 per barrel.
The Dollar Spot Index rose 0.2%, while euro fell 0.2% to $1.1699, British pound fell 0.1% to $1.3446, and the Japanese yen fell 0.3% to 159.76 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.3% to $71,137.45.
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