The main US stock market indices tumbled on Tuesday as hopes of a ceasefire between Iran and Washington became bleaker, ahead of Trump's "final" deadline.
S&P 500 opened 0.20% lower at 6,599.59, tech-heavy Nasdaq Composite slipped 0.42% to 21,904.19 at open, while Dow Jones Industrial Average slumped 0.22% to 21,904.19.
As of 10:02 a.m. EST Nasdaq slumped 1.13% or nearly 250 points to 21,748.31, S&P 500 traded 0.8% or 53 points lower at 6,559.58, while Dow Jones shed 333 points and traded 0.71% lower at 46,336.80.
Earlier in the day, Trump issued another threat to Iran his deadline to open the Strait of Hormuz looms. “A whole civilization will die tonight, never to be brought back again”, he said, in a post on his Truth Social platform.
After the market opened, most of the sectoral indices traded in the red. Only Communication Services sector, Utilities sector, and Energy sector traded higher, with major gains in the latter. Whereas, decline was led by Consumer Discretionary sector along with Healthcare sector.
All but one of the magnificent seven stocks traded lower, with a sharp decline in Apple Inc.'s stock which slumped 3.5% to $249.88. Tesla Inc.'s shares also fell nearly 3% to $343.49, while Nvidia Corp traded 1% lower at $176.
Moreover, Microsoft Corp. traded 0.5% lower at $370.83, Meta Platforms Inc. slipped 0.46% to $570.69, Amazon.com Inc. was trading 0.42% lower at $211.90. Only Google-parent Alphabet Inc. rose nearly 0.3% to trade at $300.76.
War in the Middle East has kept global markets and economies on edge, specificially the energy sector. The war which is causing the biggest oil disruption in history, has sent crude oil prices soaring.
As of 9:56 a.m. EST, West Texas Intermediate had jumped over 3% to trade at $116.08 a barrel, while Brent Crude traded 0.6% higher at $110.46.
The US dollar spot index weakened and fell 0.1%, whereas the the euro rose 0.2% to $1.1561. Both the British Pound and the Japanese yen were little changed at $1.3243 and 159.78 per dollar, respectively.
Bitcoin, the largest traded cryptocurrency, fell 1.9% to $68,501.48.
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