Wall Street opened on a cautious note Thursday, retreating from the previous session's gains as investors grappled with rising oil prices and persistent uncertainty around the Middle East conflict.
The Dow Jones Industrial Average last fell 202.81 points, or 0.45%, to 46,221.54, the S&P 500 lost 50.27 points, or 0.77%, to 6,540.93 and the Nasdaq Composite lost 229.53 points, or 1.05%, to 21,700.29. At opening bell, Dow fell 84.8 points, or 0.18%, to 46,344.64. S&P 500 dropped 36 points, or 0.55%, to 6,555.86 at the open, while the Nasdaq opened 236.7 points, or 1.08% lower, to 21,693.17.
Losses were driven in part by a sharp move higher in crude prices, with Brent crude rising above $106 per barrel and West Texas Intermediate climbing past $93, as supply concerns intensified.
Also Read: US Stock Market Today: S&P 500, Nasdaq Jump 1% On White House's Iran Peace Plan, Dow Up 500 Points
Investor sentiment remained fragile amid conflicting signals on potential de-escalation between Washington and Tehran. US President Donald Trump warned Iran to “get serious soon” on negotiations, adding that failure to do so would leave “no turning back.”
Meanwhile, Iran has continued to publicly deny direct talks, even as reports suggest it is reviewing a US proposal to end the conflict. Analysts say markets are struggling to reconcile the mixed messaging.
“Markets seem to be concluding that Iran's negative public message may be a smokescreen for a more accommodating private posture,” said Tobin Marcus, head of US policy and politics at Wolfe Research. “We're not so sure, and the ambiguity can't last much longer.”
Escalation risks also grew after reports that Iran may impose tolls on ships passing through the Strait of Hormuz, a critical global oil transit route, further tightening supply expectations.
Despite Thursday's pullback, US equities remain on track for weekly gains, supported earlier by hopes of a potential ceasefire. However, traders now appear increasingly wary as geopolitical risks and energy prices threaten to derail the rally.
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