The Nasdaq Composite index closed at 26,817, flat on the day after erasing earlier losses. The S&P 500 settled at 7,674, a 0.1 percent decline, after moving into positive territory.
Today's turnaround in major U.S. stock indices followed a morning sell-off impacting the Dow Jones Industrial Average, S&P 500, and Nasdaq. Treasury Secretary Scott Bessent and Federal Reserve Chairman Kevin Warsh provided commentary on inflation throughout the session.
Initial market pressure stemmed from rising bond yields and concerns over oil prices. These factors also contributed to bearish sentiment for bullion, with some traders adjusting expectations for Federal Reserve interest rate adjustments.
Specific technical levels played a role in the market's mid-day stabilization. The Nasdaq 100, for instance, clung to its 5-hour SuperTrend support level at 30,548, with its current price just above at 30,597. This indicated the index was operating within a high-stakes trading range.
The reversal in equities gained momentum from revived hopes for a deal to reopen the Strait of Hormuz. This geopolitical development offered a counterbalance to the earlier market concerns.
Individual stock performance varied. Meta Platforms Inc. rose 2.4 percent to 732.70, and Amazon.com Inc. gained 0.8 percent to 248.24. Microsoft Corp. also saw a modest increase of 0.3 percent, closing at 510.64.
Conversely, Apple Inc. dropped 2.3 percent to 330.48, and Tesla Inc. fell 1.0 percent to 353.73. Nvidia Corp. experienced a 0.4 percent decline, with its shares trading at 227.97.
The Dow Jones Industrial Average closed down 0.2 percent at 51,358. The Russell 2000, representing smaller capitalization stocks, declined 0.5 percent to 2,804.
