Two of the three main US stock market indices, the S&P 500 and Nasdaq Composite, scaled fresh records minutes after the opening bell as Wall Street continued to rebound from the recent war jitters.
S&P 500, which had closed above the 7,000 mark on Wednesday advanced 0.15% to 7,033.14, the tech-heavy Nasdaq Composite hovered around 24,007.22 and the Dow Jones Industrial Average opened 0.35% higher at 48,633.22.
However, the indices pared gains and slipped to red, pulling back from their record highs. As of 10:03 a.m. EST, S&P 500 traded marginally lower at 7,017.50. Decline in big tech weighed on Nasdaq, which slumped 0.3% to 23,946.10. While Dow Jones traded 0.12% lower at 48,409.67.
US Secretary of Defense Pete Hegseth warned Iran at a Pentagon press briefing that the United States would resume devastating military strikes against Tehran's critical infrastructure if the two nations fail to reach a peace agreement,as per reports. The statement came amid diplomatic efforts to revive negotiations remain deadlocked over Iran's nuclear programme.
After the market opened, almost all sectoral indices traded in the green, with only the Healthcare and the Consumer Discretionary sectors in the red. Gains were led by Energy, Real Estate, and Materials sectors.
The American Depository Reciepts (ADRs) of Wipro Ltd. fell over 2% in early trade, after the IT major projected up to 2% degrowth in its IT services revenue for the April-June quarter of the current fiscal.
ALSO READ: Wipro ADRs Sink Over 2% After IT Major Projects Degrowth In Q1 IT Services Revenue
Tesla's stock price corrected after closing 8% higher on Wednesday. The share had gained sharply after Elon Musk boasted progress on the company's forthcoming AI5 chip.
In a post on X, the Tesla Chief had informed that the chip has reached a key engineering milestone and is getting closer to production.
Apart from this, most of the magnificent seven stocks remain choppy as they rose in early trade only to slip to red later. As of 10 a.m. EST, Nvidia Corp. traded 1.14% lower at $196.6, Apple Inc. slumped 1.6% to $262.28, Amazon.com Inc. also traded at $244.46, 1.7% lower.
Moreover, Meta Platforms Inc. and Google-parent Alphabet Inc. were down 0.3% to $669.55 and $336.14, respectively. Only Microsoft Corp.'s shares traded 0.3% higher at $412.38.
Oil prices edged upwards, with West Texas Intermediate trading 1.88% higher at $93 per barrel, and Brent Crude up 2.63% at around $97.5 per barrel.
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