Wall Street’s major indexes opened lower on Thursday, following gains in the previous session, as investors turned cautious over emerging developments in the Middle East and weighed the prospects for any further deescalation in the conflict.At the opening bell, the Dow Jones Industrial Average slipped 84.8 points, or 0.18%, to 46,344.64. The S&P 500 fell 36 points, or 0.55%, to 6,555.86, while the Nasdaq Composite dropped 236.7 points, or 1.08%, to 21,693.17.Global markets witnessed weakness in US stocks as crude oil prices again rose above $100 per barrel amid fading hopes of a ceasefire in the Iran war. Futures for the S&P 500 and Dow Jones Industrial Average fell about 0.7% before the opening bell, while Nasdaq futures were down 0.8%.International benchmark Brent crude rose 3.4% to $100.61 a barrel after trading below $95 on Wednesday. U.S. benchmark crude rose 3.2% to $93.25 a barrel. Energy stocks got modest support from rising oil prices, with shares of ConocoPhillips and Valero Energy rising about 1% each.US President Donald Trump said a deal to end the war was close, while Tehran rejected his proposed 15-point ceasefire plan. Iran outlined its conditions via state television, including a moratorium on the assassination of its officials, guarantees against future conflict, compensation and recognition of its sovereignty over the Strait of Hormuz.Iran also moved to formalize its control over the strategic waterway, through which about 20% of globally traded oil and natural gas is transported in normal times. An official with the Gulf Arab bloc said Iran has started charging fees for ships to safely transit the strait, while Washington prepares to deploy additional US troops to the region.By afternoon, European markets were also trading with a decline. Britain’s FTSE 100 fell 1.3%, France’s CAC 40 fell 0.7% and Germany’s DAX fell 1.2%.In Asia, Japan’s Nikkei 225 fell 0.3% to 53,603.65, while South Korea’s Kospi fell 3.2% to 5,460.46. Hong Kong’s Hang Seng fell 1.9% to 24,856.43 and the Shanghai Composite fell 1.1% to 3,889.08. Australia’s S&P/ASX 200 was trading down 0.1% and Taiwan’s Taiex was down 0.3%.In commodity trading, gold prices fell 2.3% to $4,446 an ounce, while silver fell 6.2% to $68 an ounce. The decline in precious metals weighed on mining stocks, with companies such as Newmont Corp and Freeport-McMoRan falling about 3%, the AP reported.(with inputs from agencies)
