Wall Street opened Thursday's session on a mixed note as investors continued to monitor developments in the Middle East while digesting a fresh wave of corporate earnings.
At the opening bell, the Dow Jones Industrial Average rose 0.07% to 54,387, while the S&P 500 gained 0.10% to 7,731. The Nasdaq Composite was little changed, up 0.02% at 26,368. Meanwhile, the Nasdaq 100 fell 0.47%, and the Russell 2000 slipped 0.24%.
Investors remain focused on negotiations to reopen the Strait of Hormuz, a critical shipping route for global oil trade. According to reports, Iran and Oman are close to reaching a temporary agreement that would allow maritime traffic to resume without imposing transit fees on vessels. The prospect of a deal has supported a modest rebound in oil prices, although markets remain cautious as they await the final terms of the agreement.
"Markets have seen plenty of false dawns throughout this conflict. The focus is now shifting from whether an agreement can be reached to what the final arrangements will look like, including the unresolved question of whether Iran will eventually be allowed to impose tolls on ships using the Strait," said Jim Reid, strategist at Deutsche Bank.
On the corporate front, disappointing earnings weighed on the technology sector. Sandisk plunged about 13% after reporting fiscal fourth-quarter results that failed to impress investors. AppLovin tumbled 16% following mixed quarterly results, while Western Digital dropped 18% after issuing weaker-than-expected first-quarter guidance, despite reporting fourth-quarter earnings that topped estimates.
Investors will continue to monitor both the earnings season and geopolitical developments, with both expected to remain key drivers of market sentiment in the coming sessions.