WASHINGTON (dpa-AFX) - After coming under pressure early in the session, stocks have regained ground over the course of the trading day on Thursday. The major averages have climbed well off their lows of the session, with the Nasdaq and the S&P 500 peeking above the unchanged line.
Currently, the major averages are narrowly mixed. While the Dow is down 65.34 points or 0.1 percent at 47,844.58, the S&P 500 is up by 0.59 points or less than a tenth of a percent at 6,783.40 and the Nasdaq is up by 5.84 points or less than a tenth of a percent at 22,640.84.
The early pullback on Wall Street came as traders looked to cash in on Wednesday's rally amid concerns about the fragility of the ceasefire in the Middle East, with Iran accusing the U.S. and Israel of violating the agreement.
Iran's deputy foreign minister Saeed Khatibzadeh claimed in an interview with the BBC that Iran has once again closed the Strait of Hormuz.
Khatibzadeh argued Israeli attacks on Lebanon earlier in the day were an 'intentional grave violation' of the ceasefire agreement.
Crude oil futures have shown a notable rebound in reaction to the news, with U.S. crude oil futures spiking by more than 7 percent after plummeting by more than 16 percent on Wednesday.
'There is an air of renewed nervousness pervading financial markets after the euphoria which was initially prompted by the US-Iran ceasefire,' said Dan Coatsworth, head of markets at AJ Bell.
'This agreement already seems to be fraying at the edges - with continued strikes by Israel on Lebanon a key sticking point,' he added. 'With talks on a lasting deal yet to begin it's understandable that investors are taking a circumspect view.'
President Donald Trump said in a post on Truth Social late Wednesday that U.S. forces would remain in the region until a 'real agreement' is reached with Iran and 'fully complied with.'
Sector News
Despite the recovery attempt by the broader markets, software stocks continue to see substantial weakness, with the Dow Jones U.S. Software Index slumping by 2.7 percent.
Considerable weakness also remains visible among computer hardware stocks, as reflected by the 1.6 percent loss being posted by the NYSE Arca Computer Hardware Index.
Airline stocks are also giving back ground after turning in some of the market's best performances on Wednesday, dragging the NYSE Arca Airline Index down by 1.5 percent.
On the other hand, utilities stocks have shown a strong move to the upside, resulting in a 1.8 percent jump by the Dow Jones Utility Average.
Notable strength has also emerged among retail stocks, driving the Dow Jones U.S. Retail Index up by 1.6 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index and China's Shanghai Composite Index both slid by 0.7 percent, while Hong Kong's Hang Seng Index fell by 0.5 percent.
The major European markets have also moved back to the downside. While the German DAX Index is down by 1.6 percent, the French CAC 40 Index is down by 0.9 percent and the U.K.'s FTSE 100 Index is down by 0.5 percent.
In the bond market, treasuries are giving back ground following the strength seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.0 basis points at 4.321 percent.
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