abplive10d ago
<p data-start="70" data-end="279">Wall Street’s main indices declined on Thursday, reversing gains from the previous session, as investors remained cautious amid conflicting signals over the Middle East conflict and prospects of de-escalation.</p> <p data-start="340" data-end="692">U.S. President Donald Trump said Iran was desperate to strike a deal to end the fighting and urged Tehran to “get serious” about negotiations. However, Iran’s Tasnim News Agency reported that Tehran had officially responded to the United States’ 15-point proposal, citing sources familiar with the matter, even as Iran publicly denied any negotiations.</p> <p data-start="694" data-end="829">The mixed messaging left markets uncertain, particularly as hopes for restoring shipping through the Strait of Hormuz remained unclear.</p> <p data-start="831" data-end="1147">“Hearing a lot of different things come out, you have the market trying to figure out exactly what's going on. We're watching oil prices ... We're still a little bit cautious there because some of the downside scenarios aren't good for the global economy,” said Jack Herr, primary investment analyst at GuideStone.</p> <p data-start="1149" data-end="1342">“But overall if we can get a quick resolution of this thing, the backdrop for another good year in the market is there with some of the fundamentals and growth numbers we're seeing,” he added.</p> <h2 data-section-id="1s1j7j3" data-start="1349" data-end="1396"><span role="text"><strong data-start="1353" data-end="1396">Indices Fall; Tech Stocks Lead Declines</strong></span></h2> <p data-start="1398" data-end="1414">At 9:40 AM ET, the Dow Jones Industrial Average fell 250.43 points, or 0.54 per cent, to 46,179.06. The S&P 500 lost 56.82 points, or 0.86 per cent, to 6,535.08, while the Nasdaq Composite dropped 262.81 points, or 1.20 per cent, to 21,667.02, according to a Reuters report.</p> <p data-start="1625" data-end="1700">Technology stocks led the losses, with the S&P 500 tech index falling 1.3 per cent.</p> <p data-start="1702" data-end="1823">Memory chipmakers extended their decline, with Micron Technology, SanDisk and Western Digital down between 3.3 per cent and 4.8 per cent.</p> <p data-start="1825" data-end="1992">Meta Platforms and Alphabet dropped 3.2 per cent and 2 per cent, respectively, dragging the communication services index lower. The Philadelphia SE Semiconductor index lost nearly 2 per cent.</p> <h2 data-section-id="1fs019n" data-start="1999" data-end="2032"><span role="text"><strong data-start="2003" data-end="2032">OECD Flags Economic Risks</strong></span></h2> <p data-start="2034" data-end="2205">The Organisation for Economic Co-operation and Development (OECD) warned that the escalating conflict in the Middle East has disrupted a stronger global growth trajectory.</p> <p data-start="2207" data-end="2293">It cautioned that any closure of the Strait of Hormuz could sharply push up inflation.</p> <h2 data-start="2207" data-end="2293"><span role="text"><strong data-start="2304" data-end="2336">Rate Cut Expectations Recede</strong></span></h2> <p data-start="2338" data-end="2482">Central banks face increasing uncertainty, with money market participants no longer pricing in any easing by the U.S. Federal Reserve this year.</p> <p data-start="2484" data-end="2586">Before the Iran conflict, two rate cuts had been expected, according to the CME Group’s FedWatch Tool.</p> <p data-start="2588" data-end="2821">Data released on Thursday showed that new applications for U.S. unemployment benefits rose slightly last week, indicating a stable labour market and giving the Fed room to hold rates steady while assessing the impact of the conflict.</p> <p data-start="2823" data-end="2953">Comments from Federal Reserve officials Lisa Cook, Stephen Miran, Michael Barr and Philip Jefferson are expected later in the day.</p> <h2 data-section-id="15cqqut" data-start="2960" data-end="2999"><span role="text"><strong data-start="2964" data-end="2999">Stock Movers And Market Breadth</strong></span></h2> <p data-start="3001" data-end="3129">Among individual stocks, Olaplex surged 50 per cent after Germany’s Henkel agreed to acquire the hair-care brand in a $1.4 billion deal.</p> <p data-start="3131" data-end="3266">U.S.-listed gold miners declined as bullion prices fell more than 1 per cent, with Sibanye Stillwater down 2.2 per cent and Harmony Gold shedding 1.1 per cent.</p> <p data-start="3268" data-end="3407">Market breadth remained weak, with declining stocks outnumbering advancers by a 2.78-to-1 ratio on the NYSE and by 2.38-to-1 on the Nasdaq.</p> <p data-start="3409" data-end="3534">The S&P 500 recorded nine new 52-week highs and two new lows, while the Nasdaq Composite posted 14 new highs and 75 new lows.</p>
