US Stocks Little Changed As Investors Weigh Iran Proposal

NEW YORK, April 28 (Bernama-Xinhua) -- United States (US) stocks ended mixed on Monday with the S&P 500 and the Nasdaq Composite Index closing at record highs as investors assessed a reported Iranian proposal to reopen the Strait of Hormuz, Xinhua reported.

The Dow Jones Industrial Average fell 0.13 per cent to 49,167.79. The S&P 500 added 0.12 per cent to 7,173.91. The Nasdaq Composite Index increased 0.2 per cent to 24,887.1.

Eight of the 11 primary S&P 500 sectors ended in red, with consumer staples and real estate leading the laggards by dropping 1.18 per cent and 0.84 per cent, respectively. Communication services and financials led the gainers by rising 0.94 per cent and 0.65 per cent, respectively.

According to an Axios report, Iran offered the US a new proposal to reopen the Strait of Hormuz and end the conflict, while suggesting that nuclear talks be deferred.

However, Iran's Foreign Ministry spokesperson Esmaeil Baqaei stated that no meeting between Tehran and Washington is currently planned.

Oil prices rose, as the West Texas Intermediate for June delivery went up 2.09 per cent to settle at US$96.37 a barrel on the New York Mercantile Exchange. Brent crude for June delivery added 2.75 per cent to settle at US$108.23 a barrel on the London ICE Futures Exchange.

Microsoft was little changed after the company announced it would no longer have exclusive access to OpenAI's technology lineup, and a related revenue-sharing agreement was also set to end.

Market attention is now turning to the Federal Reserve's two-day policy meeting, which starts Tuesday. The central bank is widely expected to keep interest rates unchanged amid the uncertainty caused by the Iran conflict and its potential inflationary effects.

The upcoming meeting is expected to be Federal Reserve Chair Jerome Powell's penultimate one before the leadership transition to Kevin Warsh, who will face a crucial Senate confirmation vote in the near term. 

-- BERNAMA-XINHUA