New York stocks opened lower. Analysts said the burden of high oil prices from the protracted Middle East war has weighed on expectations for interest rate cuts by the Federal Reserve (Fed).
As of 10:52 a.m. on the 20th (local time), the Dow Jones Industrial Average on the New York Stock Exchange fell 98.44 points, or 0.21%, from the previous session to 45,922.99.
The Standard & Poor's (S&P) 500 fell 36.73 points, or 0.56%, to 6,569.76 from the previous session, and the Nasdaq composite dropped 201.89 points, or 0.91%, to 21,888.80.
Foreign media reported that as the war between the United States and Israel and Iran entered its fourth week, the lack of any sign of easing tensions has hurt the stock market.
With worries over oil supply continuing, expectations for Fed rate cuts have also diminished, according to assessments. Federal Reserve Governor Christopher Waller said, "The shock of high and persistent oil prices will not have only a temporary effect on inflation."