After a massive rally on Wednesday, Wall Street bulls retreated on Thursday after mixed signals emerged on United States' ceasefire with Iran.
S&P 500 opened 0.15% lower at 6,772.41, Dow Jones Industrial Average fell 0.33% at open to 47,751.33 and tech-heavy Nasdaq Composite opened marginally lower at 22,624.85.
Doubts around the execution of the ceasefire have also led oil prices to rise again, with Brent Crude trading 3.51% higher at $98.22 a barrel, and West Texas Intermediate trading 6.43% higher at $100.48 per barrel.
As of 10 a.m. EST, S&P traded 0.14% lower at 6,7773.12, Dow Jones Industrial Average was down 0.15% to 47,845.74, and Nasdaq slipped 0.23% to 22,571.18.
"As geopolitical uncertainty remains high, not much matters for the market other than the durability of the ceasefire, shipping volume through the Strait of Hormuz and ultimately, whether a bona fide permanent deal is struck," Bradford Smith at Janus Henderson Investors told news agency Bloomberg.
ALSO READ: Iran's $1-Per-Barrel Hormuz Toll: India May Pay $2.2 Million Daily On Oil Imports
After the market opened, six out of the 11 sectoral indices traded lower, with financial sector and heathcare sector leading the decline. On the other hand, utilities sector, consumer discretionary sector, and energy sector led the gains.
Most of the magnificent seven stocks traded lower, with Microsoft Corp. down over 1% to trade at $370, Google-parent Alphabet Inc. traded 1.35% lower at $313.10, Tesla Inc. slipped 1.03% to $339.7, Apple Inc. traded 0.41% lower at $257.84, and chipmaker's Nvidia Corp.'s stock was down 0.2% to $181.76.
On the other hand, shares of Meta Platforms Inc. traded over 3% higher at $629, and Amazon.com Inc. was up 2.03% to $225.94.
The Dollar Spot Index was little changed, while the euro and the British pound rose 0.2% each to $1.1689 and $1.3422, respectively. The Japanese yen, however, fell 0.3% to 158.99 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.4% to $71,108.1.
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