The US stock market opened in the red on Thursday, day after rallying, as expectations related to a de-escalation in the Iran war faltered due to inconclusive remarks from US President Donald Trump in his recent address. The wider index, S&P 500, slipped 1.4% to hit a low of 6,495 minutes after the opening bell.
The tech-heavy Nasdaq Composite was down 1.95% minutes into the trade. The Dow Jones index lost 608 points and was down 1.3% at 46,469.36.
The indices opened in the red, against the backdrop of the US-Iran-Israel war, with de-escalation not being indicated.
US President Donald Trump, in his address to the country late on Wednesday, maintained the US' stance that the prospect of Iran having a nuclear weapon was a "threat". On the closure of Strait of Hormuz, Trump said it is the responsibility of affected countries, and not Washington, to get the vital waterway reopened.
Losses in big tech lead to a slump in the Nasdaq index which went down 1.95%. Tesla decreased 4.56% to 363.89 in trade after it delivered 3,58,023 vehicles globally for the first quarter of calendar year 2026 after producing 408,386 vehicles as per recent reports.
Nvidia Corp. traded 1.12% lower at 173.77, Amazon.com Inc. declined 1.23% to $207.98, and Google-parent Alphabet Inc. decreased 1.05% to $294.27
Besides this, Microsoft Corp. shares traded 0.89% lower at $366.07, Meta Platforms Inc. traded 1.71% lower at $569.33.
Crude oil saw an uptick, with the West Texas Intermediate trading 10.95% higher at $111.08 a barrel and Brent futures trading 6.86% higher at $108.10. Spot gold was down 0.22% at $4,397.09 an ounce.
Bitcoin, the largest traded cryptocurrency, fell 3.20% to $66,385.
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