WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Thursday, giving back ground following the rally seen in the previous session. The major averages have all moved to the downside, although selling pressure has remained somewhat subdued.
Currently, the major averages are off their lows of the session but still in the red. The Nasdaq is down 132.08 points or 0.5 percent at 26,138.28, the S&P 500 is down 26.38 points or 0.4 percent at 7,406.59 and the Dow is down 71.40 points or 0.1 percent at 49,937.95.
The pullback on Wall Street comes amid a substantial rebound by the price of crude oil, with U.S. crude oil futures surging by 3.5 percent after plummeting by 5.7 percent on Wednesday.
Crude oil futures have jumped back above $100 a barrel as traders await developments on a potential U.S.-Iran peace deal.
Oil prices saw further upside after a report from Reuters said Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad.
The sharp increase by the price of crude oil has also led to a significant rebound by treasury yields, although the yield on the benchmark ten-year note remains well off Tuesday's one-year highs.
A negative reaction to earnings news from Nvidia (NVDA) is also weighing on Wall Street, with the AI leader tumbling by 2 percent.
The decrease by shares of Nvidia comes even though the chipmaker reported better than expected first quarter results, as investors worry about the sustainability of its rapid growth.
'The chip giant is starting to sound like a broken record, playing the same message over and over again,' said Dan Coatsworth, head of markets at AJ Bell. It effectively says AI demand is strong, lots of customers are queuing up for its chips, and there is still much more to go for.'
'The market's attention is now focused on how long Nvidia can sustain this momentum,' he added. 'Even the fastest or strongest athletes run out of steam at some point, and investors are starting to worry that Nvidia cannot keep up its current pace.'
Disappointing earnings news from Walmart (WMT) has also generated some negative sentiment, with the retail giant plunging by 7.1 percent.
Sector News
Oil service stocks have shown a significant move to the downside despite the rebound by crude oil futures, with the Philadelphia Oil Service Index falling by 1.5 percent.
A decrease by the price of gold is also weighing on gold stocks, with the NYSE Arca Gold Bugs Index sliding by 1.4 percent.
Housing, retail and transportation stocks are also seeing notable weakness, while computer hardware stocks have moved sharply higher.
The NYSE Arca Computer Hardware Index has surged by 2.9 percent after a report from the Wall Street Journal said Trump administration is awarding $2 billion in grants to nine quantum-computing companies
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index spiked by 3.1 percent, while China's Shanghai Composite Index tumbled by 2.0 percent.
The major European markets have also turned on the day. While the German DAX Index is down by 0.1 percent, the French CAC 40 Index is up by 0.1 percent and the U.K.'s FTSE 100 Index is up by 0.3 percent.
In the bond market, treasuries have moved back to the downside following the substantial rebound seen on Wednesday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.7 basis points at 4.609 percent.
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