US Stocks Dip on Mixed Earnings as Markets Monitor Iran

Wall Street stocks retreated from records early Thursday as markets digested a trove of mixed earnings reports and monitored the latest dynamics between the United States and Iran. Analysts cited profit-taking after both the S&P 500 and Nasdaq shrugged off a jump in oil prices to finish at records on Wednesday. About 10 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 49,311.39, AFP reported. The broad-based S&P 500 dipped 0.2 percent to 7,126.19, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 24,588.07. David Morrison, senior market analyst at FCA, called Thursday’s early trading action “a mild bout of profit-taking triggered by some worrying reports of hostile action between the US and Iran,” according to a note. The US Defense Department said its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran, while President Donald Trump announced on social media that he ordered the Navy to “shoot and kill” boats placing mines in the Strait of Hormuz. Iran vowed it would keep the strait closed to all but a trickle of approved vessels for as long as the United States blockaded its ports. Among companies reporting results, Tesla fell 1.7 percent and Lockheed Martin dropped 3.7 percent, while American Airlines jumped 4.9 percent.