[New York Stocks] Three Major Indices Close Flat Amid Dispute Over Hormuz Escort Claims

Secretary Wright Retracts Escort Claim for Hormuz Vessels

Oil Prices Rebound from Lows, Stock Market Retreats from Highs

Most Technology Stocks End Higher

Dollar Index Down 0.26%

Gold Prices Up 2.69%

The Dow Jones Industrial Average (Dow Index) on the New York Stock Exchange (NYSE) closed at 47,706.51, down 34.29 points (0.07%) from the previous trading day. Yonhap News Agency

The three major indices on the New York Stock Exchange closed flat on March 10 (local time), after it was confirmed that the U.S. claim of escorting ships in the Strait of Hormuz was not accurate.

On this day, the Dow Jones Industrial Average (Dow Index) on the New York Stock Exchange (NYSE) closed at 47,706.51, down 34.29 points (0.07%) from the previous trading day. The S&P 500 index, which focuses on large-cap stocks, declined by 14.51 points (0.21%) to 6,781.48, while the Nasdaq index, which is centered on technology stocks, rose by 1.158 points (0.01%) to 22,697.104 at the close.

Sentiment on Wall Street remained positive until the afternoon, buoyed by remarks from U.S. Secretary of Energy Chris Wright. U.S. Secretary of Defense Pete Hegseth held a briefing, expressing confidence in a military advantage by stating, "Today will see the most intense airstrikes."

Subsequently, Secretary Wright posted on X (formerly Twitter) that the U.S. Navy had escorted an oil tanker passing through the Strait of Hormuz, causing international oil prices to decline, but the post suddenly disappeared.

Regarding Secretary Wright's post, White House spokesperson Caroline Rabbit clarified that the U.S. had never actually escorted an oil tanker through the strait. Following this, oil prices rebounded slightly from intraday lows, and stock indices retreated from their intraday highs.

On the New York Mercantile Exchange, April delivery WTI futures settled at USD 83.45 per barrel, down 11.9% from the previous session. At the ICE Futures Exchange, May delivery Brent crude futures closed at USD 87.8 per barrel, plunging 11% from the previous day. Expectations that the Group of Seven (G7) countries would release strategic oil reserves also contributed to pushing oil prices down.

Fawad Razaqzada of Forex.com said, "Traders welcomed the sharp drop in oil prices, but the geopolitical situation remains unstable, leaving the market vulnerable to further volatility," adding, "Ultimately, the biggest factor influencing the market is whether energy supplies in the region return to normal."

With oil prices continuing to decline, technology stocks mostly ended higher. Nvidia rose 1.35%, Apple 0.70%, Amazon 0.49%, TSMC 0.30%, Alphabet A 0.46%, Tesla 0.50%, and Meta 1.55%.

In addition, Oracle, which announced that its fiscal third-quarter revenue ending February 28 increased by 22% year-on-year, jumped 6.26%. Micron Technology climbed 4.0%, Corning gained 6.55%, and Applied Materials advanced 2.97%.

According to Investing.com, the dollar index, which measures the value of the U.S. dollar against the currencies of six major countries, fell by 0.26% from the previous session to 98.910. It is interpreted that the flight to safe-haven assets has eased as the Trump administration, after declaring the Iran war to be "nearing its conclusion," is now raising the level of attacks against Iran.

Meanwhile, gold prices rose. April delivery gold futures were traded at USD 5,240.70 per ounce, up 2.69% from the previous trading day. Since commodities are traded in dollars, the weaker dollar seems to have increased demand for commodities. In addition, lingering fears of stagflation—where inflation and economic slowdown occur simultaneously—also appeared to contribute to demand for gold.

This content was produced with the assistance of AI translation services.