The New York stock market opened lower on the 27th (local time) as international oil prices rose amid a stalemate in U.S.-Iran end-of-war talks.
As of 9:45 a.m. on the 27th (local time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) was down 17.60 points, or 0.03%, at 49,213.11 from the previous session.
The Standard & Poor's (S&P) 500 index was down 17.60 points, or 0.03%, at 7,156.22 from the previous session, and the Nasdaq composite was down 92.91 points, or 0.37%, at 24,743.60.
The market showed a slight decline as a second end-of-war meeting failed to materialize over the weekend and talks between the United States and Iran remained deadlocked. Iran's Foreign Ministry said there are no talks with the United States currently scheduled. U.S. President Donald Trump also canceled the negotiating team's trip to Pakistan and said the talks could proceed by phone.
However, investors are focusing on the possibility that the Federal Open Market Committee (FOMC), which convenes on the 29th (local time), will hold rates steady. Given concerns that Middle East risks could stoke inflation, some analysts say it will be difficult for the Fed to move to cut rates.
At a U.S. Senate hearing on the 21st (local time), Kevin Warsh, the nominee for the next Fed chair, emphasized the Fed's independence. Warsh said productivity gains allow for growth without inflation and that the need to raise rates significantly is low. He added that the Fed's assets should be reduced gradually and in a planned manner. With the Justice Department's investigation into Chair Powell concluded, confirmation is expected soon.