New York Stock Exchange, buy on dips and open higher... Limited gains amid tensions between the US and Iran

Major indexes on the New York Stock Exchange opened higher, driven by active dip-buying. However, as tensions between the U.S. and Iran continued, this rally remained constrained within a certain range.

As of 9:51 a.m. local time on the 30th, the Dow Jones Industrial Average on the NYSE was up 191.03 points (0.42%), to 45,357.67. The S&P 500 rose 17.76 points (0.28%), to 6,386.61; the Nasdaq Composite increased 30.20 points (0.14%), to 20,978.56, setting the tone for the market’s open.

Behind the rise in New York stocks, dip-buying played the main role. Experts believe that many industries and sub-sectors are currently in oversold territory, so the likelihood of a technical rebound is quite high. However, with the U.S.-Iran conflict ongoing, the economic impact brought by the closure of the Strait of Hormuz remains an uncertain factor.

In particular, the recent impact of Iran’s attacks on major aluminum production facilities in the Middle East led to a rise in aluminum prices; driven by this, the share price of Alcoa, an aluminum company in the U.S., surged by more than 12%. On the other hand, Cisco Foods, a large food distributor, saw its shares fall by 12.44% on news of its acquisition of Jetro’s restaurant warehouse. Within the market, these different factors are working together to influence stock prices.

European stock markets also showed an upward trend. The STOXX 50 index rose 0.11%, and overall European markets continued their positive trajectory. International oil prices were also trending higher: the West Texas Intermediate crude price rose 2.89% to $102.52 per barrel.

The direction of stock markets like this and international oil prices in the future is very likely to be significantly influenced by changes in the situation in the Middle East and how individual countries respond. Investors are closely watching the potential long-term impact of U.S.-Iran tensions on the market.