Kamal Ghorui
Wall Street’s key indices opened lower on Thursday after gains in the previous session, as investors turned cautious over evolving developments in the Middle East and weighed the prospects of any de-escalation 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 declined 36 points, or 0.55%, to 6,555.86, while the Nasdaq Composite dropped 236.7 points, or 1.08%, to 21,693.17.US equities tracked weakness in global markets as crude oil prices climbed back above the $100-a-barrel mark amid fading hopes of a ceasefire in the Iran war. Futures for the S&P 500 and Dow Jones Industrial Average had fallen about 0.7% before the opening bell, while Nasdaq futures were down 0.8%.Brent crude, the international benchmark, rose 3.4% to $100.61 per barrel after trading below $95 on Wednesday. US benchmark crude gained 3.2% to $93.25 a barrel. The rise in oil prices lent modest support to energy stocks, with shares of ConocoPhillips and Valero Energy rising about 1%.US President Donald Trump said a deal to end the war was near, even as Tehran dismissed his proposed 15-point ceasefire plan. Iran outlined its own conditions via state television, including a halt to the killing of its officials, guarantees against future conflict, reparations and recognition of its sovereignty over the Strait of Hormuz.Iran also moved to formalise its control over the strategic waterway, through which around 20% of globally traded oil and natural gas moves in normal times. A Gulf Arab bloc official said Iran had begun charging fees for ships to safely transit the strait, while Washington prepared for the deployment of additional US troops to the region.European markets were also trading lower by midday. Britain’s FTSE 100 fell 1.3%, France’s CAC 40 dropped 0.7% and Germany’s DAX declined 1.2%.In Asia, Japan’s Nikkei 225 closed 0.3% lower at 53,603.65, while South Korea’s Kospi plunged 3.2% to 5,460.46. Hong Kong’s Hang Seng slipped 1.9% to 24,856.43 and the Shanghai Composite fell 1.1% to 3,889.08. Australia’s S&P/ASX 200 edged down 0.1%, and Taiwan’s Taiex was trading 0.3% lower.In commodities trade, gold prices dropped 2.3% to $4,446 per ounce, while silver declined 6.2% to $68 an ounce. The fall in precious metals weighed on mining stocks, with companies such as Newmont Corp. and Freeport-McMoRan slipping about 3%, AP reported.(With input from agencies)
