Mixed Start for US Stocks Amid Hormuz Tensions
US stocks started the day mixed as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts over whether Washington and Tehran can reach a broader settlement. The Dow Jones Industrial Average rose 0.38% to 54,179.94, while the S&P 500 advanced 0.12% to 7,762.31. However, the Nasdaq Composite was down 0.12% at 26,574.20.
The National Federation of Independent Business' small business optimism index rose to 99.8 in July, its strongest reading since last August, up from 97.4 in June and ahead of expectations. Eight of the index's ten components improved, with hiring plans showing the biggest gain. However, the uncertainty index increased two points to 91, remaining well above its long-run average of 68.
US existing-home sales dipped in July, with the National Association of Realtors reporting a 1.7% month-on-month decline, though activity was 0.7% higher than a year earlier at an annualized 4.06m units. The median existing-home price rose 2% year-on-year to $434,100, marking the 37th consecutive month of annual price gains.
Amidst this backdrop, shares in several companies showed significant movement. Amgen Inc. rose 3.15%, while Cisco Systems Inc. fell 1.94%. Meanwhile, Regeneron Pharmaceuticals Inc. and Intuitive Surgical Inc. both increased by over 3%.