The main Wall Street indices were littled changed on Monday, as the US stock market opened after Donald Trump's rejection of the proposal sent by Iran to end the war.
The wider index, S&P 500, was down 0.3% at 7,396.66, whereas the tech-heavy Nasdaq Composite was down 0.2% at 26,194.61 at 9:36 am EST.
The Dow Jones Industrial Average slipped 28.34 points, or 0.06%, at 49,580.82.
The S&P 500 and the Nasdaq Composite were little changed in early trade after former US President Donald Trump rejected Iran's latest proposal aimed at ending the months-long conflict. According to Iran's semi-official Tasnim news agency, Tehran submitted a counteroffer to US negotiators focused on ending the war across all fronts and lifting sanctions imposed on the country. Trump, however, dismissed the proposal in a post on Truth Social, calling Iran's response “TOTALLY UNACCEPTABLE!”
The remarks pushed crude oil prices higher amid concerns over prolonged supply disruptions in the region. US benchmark West Texas Intermediate crude climbed 1.7% to $97.04 per barrel, while Brent crude rose above $103 per barrel. Spot gold gained 0.4% to $4,733.25 per ounce as investors sought safe-haven assets.
ALSO READ: Silver Price Jumps Even As Gold Falls: Is The White Metal Headed For Massive Recovery?
Meanwhile, the Bloomberg Dollar Spot Index was largely unchanged, while Bitcoin rose 0.5% to $81,093.85. The yield on the 10-year US Treasury note advanced 3 basis points to 4.38%.
Despite the geopolitical uncertainty, market participants largely expect the broader US economy and equity markets to remain resilient.
“The economy may slow somewhat from its prior path, due to the Iran war and subsequent oil price shock,” said Rick Rieder, chief investment officer of global fixed income at BlackRock.
“But there are many much larger structural components that should keep the aggregate economy in much better shape than many people expect,” he added.
Wall Street entered the week after a strong rally in the previous session. The S&P 500 and Nasdaq had surged more than 2% and 4%, respectively, last week, marking their sixth consecutive week of gains, the longest winning streak for both indices since 2024.
The Dow Jones Industrial Average also rose 0.2% last week, registering gains in five out of the past six weeks.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.