With tensions rising in the Middle East, the three major U.S. stock indexes in New York opened lower on the 2nd.
As of 10:23 a.m., the Dow Jones Industrial Average on the New York Stock Exchange fell 421.61 points, or 0.91%, to 46,144.13. The Standard & Poor's (S&P) 500 dropped 43.89 points, or 0.67%, to 6,531.43, and the Nasdaq composite fell 192.23 points, or 0.88%, to 21,648.72.
After President Trump said in a national address the previous day that "over the next 2 to 3 weeks, we will strike Iran extremely hard" and "we will send Iran back to the Stone Age," hopes for an end to the conflict faded, which appeared to affect the market. Earlier, in an interview with Reuters, President Trump had said, "We will withdraw from Iran fairly quickly."
By sector, all groups are weaker except energy, utilities, and real estate. On news that Elon Musk's aerospace corporations SpaceX began the listing process, related stocks such as Rocket Lab and Intuitive Machines rose 1.89% and 9.83%, respectively.
International oil prices jumped. At the same time, front-month West Texas Intermediate (WTI) crude for May 2026 delivery was up 11.15% at $111.28 per barrel.