[New York Stock Market] All Major Indices Open Higher, S&P 500 and Nasdaq Turn Lower

Oil Prices Fall Across the Board
Procter & Gamble Surge Leads Dow Higher

As expectations for a ceasefire agreement between the United States and Iran continued, and international oil prices declined, the three major U.S. stock indices all opened higher on the 27th (local time). However, both the S&P 500 and the Nasdaq index reversed course and turned downward. The Dow, meanwhile, was buoyed by a surge of more than 3% in consumer goods giant Procter & Gamble, which helped lift the index.

According to the home trading system (HTS), as of 10:55 a.m., the Dow Jones Industrial Average (Dow Index) was up 268.88 points (0.53%) from the previous trading day at 50,730.50 on the New York Stock Exchange (NYSE). The S&P 500, which focuses on large-cap stocks, was down 3.73 points (0.05%) at 7,515.39, while the tech-heavy Nasdaq index was down 67.34 points (0.25%) at 26,588.84.

New York Stock Exchange. New York, USA - Special Correspondent Yoonjoo Hwang

On this day, the market received some support as oil prices fell after Iran's state television announced that commercial traffic through the Strait of Hormuz would be restored to pre-war levels within a month.

On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for July delivery was down 3.53% from the previous session at $90.58. On the ICE Futures Exchange, Brent crude for July delivery was down 3.21% from the previous session at $96.50.

While expectations for easing tensions with Iran and strong earnings reports have combined to push this month's stock prices to record highs, Drew Pettit, U.S. equity strategist at Citibank, warned that there may not be much further room for gains and set a year-end target for the S&P 500 at 7,700. CNBC reported that this implies a modest increase of about 2%.

Pettit said, "There have been instances where the U.S. 10-year Treasury yield was higher than 4.50%. Inflation expectations are actually showing up higher on a curve that has flattened throughout the year. Taking all this into account, it is difficult to expect a sustainably higher multiple at this point."

In contrast, Goldman Sachs raised its year-end S&P 500 target from 7,600 to 8,000, projecting that corporate earnings growth will continue despite some geopolitical headwinds.

Shares of oil and defense companies were all falling, with ExxonMobil down 1.31%, Chevron down 1.23%, Lockheed Martin down 0.46%, AeroVironment down 2.08%, RTX down 1.34%, and Northrop Grumman down 0.85%. On the other hand, airlines such as Delta (up 4.67%), American Airlines (up 1.48%), and United Airlines (up 6.58%) were surging.

Micron Technology, which had surged the previous day and helped boost the index, was up slightly by 0.22%. Some bank stocks, such as Blackstone (up 0.57%) and Goldman Sachs (up 0.17%), were also posting small gains.

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