The three major U.S. stock indexes opened lower on the 24th local time. Investor sentiment weakened as hopes for progress in talks between the United States and Iran faded and concerns over the private credit market mounted.
At 10:02 a.m., the Dow Jones Industrial Average on the New York Stock Exchange fell 273.51 points, or 0.59%, to 45,934.96. The Standard & Poor's (S&P) 500 fell 37.61 points, or 0.57%, to 6,543.39, and the Nasdaq composite fell 171.48 points, or 0.78%, to 21,775.28 in transaction.
The relief that had formed the previous day after remarks by U.S. President Donald Trump lost steam in a day. Doubts resurfaced over whether talks between the United States and Iran could lead to tangible results. Some foreign media relayed Israel's view that the chances of successful talks are slim, and some Iranian outlets reported there were no negotiations at all.
On top of that, news that Iran appointed Mohammad Bagher Zolghadr, a hard-liner from the Islamic Revolutionary Guard Corps, as the successor to the secretary of the Supreme National Security Council further lowered expectations for easing tensions in the Middle East.
Worries over the private credit market also weighed on stocks. Apollo Global Management and Ares Management said they limited redemptions after requests for redemptions from related funds exceeded caps. Shares of Apollo and Ares fell sharply, and related names such as Blackstone and Blue Owl also weakened in tandem.
By sector, energy and utilities rose, while technology, communications and financials declined.
Major European stock markets also fell together. The Euro Stoxx 50, Germany's DAX, France's CAC 40 and Britain's FTSE 100 all declined. Meanwhile, with international oil prices surging, the front-month price of West Texas Intermediate (WTI) crude stood at $92.35 per Barrel at the same time, up 4.79% from the previous session.