WASHINGTON (dpa-AFX) - Stocks are seeing moderate weakness during trading on Tuesday, partly offsetting the significant rebound seen in the previous session. The major averages moved notably lower early in the session but have regained ground since then.
Currently, the major averages are well off their lows of the session but still in the red. The Dow is down 109.06 points or 0.2 percent at 46,099.41, the Nasdaq is down 153.98 points or 0.7 percent at 21,792.78 and the S&P 500 is down 23.29 points or 0.4 percent at 6,557.71.
The early pullback on Wall Street came amid a rebound by the price of crude oil, with international benchmark Brent crude futures surging back above $100 a barrel.
Brent crude futures plunged by nearly 11 percent during Monday's trading after President Donald Trump claimed the U.S. and Iran held productive talks to end the conflict in the Middle East.
Oil is rebounding as Israel and Iran have continued to exchange strikes, with huge explosions heard in Tehran and other cities, as Iran denied it held talks with the U.S. to end the war.
'Iranian people demand complete and remorseful punishment of the aggressors,' Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in response to Trump's comments.
He claimed Trump's latest rhetoric 'is used to manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped.'
Iran's foreign ministry said Trump's remarks were 'part of efforts to reduce energy prices and buy time' for military plans.
As the conflict entered its 25th day with no immediate signs of de-escalation, Saudi Arabia and the United Arab Emirates are edging toward joining the fight against Iran, the Wall Street Journal reported.
Sector News
Despite the pullback by the broader markets, energy stocks are seeing substantial strength amid the rebound by the price of crude oil.
Reflecting the strength in the sector, the NYSE Arca Oil Index is up by 3.0 percent, the NYSE Arca Natural Gas Index is up by 2.0 percent and the Philadelphia Oil Service Index is up by 1.7 percent.
Networking stocks are also seeing continued strength after rallying on Monday, driving the NYSE Arca Networking Index up by 1.5 percent.
On the other hand, software stocks have shown a significant move to the downside, dragging the Dow Jones U.S. Software Index down by 3.0 percent to its lowest intraday level in a month.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.4 percent, while Hong Kong's Hang Seng Index surged by 2.8 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is up by 0.1 percent, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is down by 0.8 percent.
In the bond market, treasuries have moved back to the downside following Monday's rebound. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 5.2 basis points at 4.386 percent.
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