Wall Street indices were hit by an uptick in crude oil prices along with rising treasury yields on Thursday and opened in the red. Nvidia Corp.'s major Q1FY27 earnings beat also failed to cheer the market.
S&P 500 slipped 0.43% to open at 7,401.11, Dow Jones Industrial Average was down 0.32% to 49,849.58, and tech-heavy Nasdaq Composite declined 0.56% to 26,123.86.
Top chipmaker Nvidia, which had risen over 1% in pre-market trade, erased its gains to open lower. However, it rose 1.30% to trade at $226.13 shortly after the opening bell.
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Volatility persisted in the markets as other chip stocks traded split with Advanced Micro Devices Inc. slumping 4% to $432.83, Micron Technology up over 2% to $749.23, and intel continuing its rout to plunge 5% and trade at $113.54. As of 10:20 a.m. EST, Nvidia reversed its gains and traded 2% lower at $219.13.
Crude oil prices rose once again after Iran's supreme leader reportedly issued a directive to keep enriched uranium within the country, forming clouds over a possible resolution between America and Iran.
Global benchmark Brent Crude traded 2.5% higher at $107.55 per barrel while West Texas Intermediate jumped 3.20% to $101.36.
Elevated crude prices also lifted treasury yields as hopes around a possible Federal Reserve rate cut grew slimmer. The yield on 10-year Treasuries advanced four basis points to 4.63%.
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After the market opened, the sectoral indices traded on a mix note. Three of the 11 sectoral indices traded in the green, with gains led by the Utilities sector, Financials sector traded flat, while the Consumer Staples sector led the decline.
On the currency front, the Dollar Spot Index rose 0.3%, euro fell 0.3% to $1.1584, British pound fell 0.3% to $1.3397, and the Japanese yen fell 0.2% to 159.31 per dollar.
Bitcoin, the largest traded cryptocurrency fell 1.2% to $76,710.71.
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