With U.S.-Iran cease-fire talks at an impasse, the New York stock market opened flat on the 11th.
At 10 a.m., the Dow Jones 30 Industrial Average (DJIA) on the New York Stock Exchange (NYSE), focused on blue chips, was down 43.62 points (0.88%) from the previous session at 49,565.54 in transaction.
The Standard & Poor's (S&P) 500 index was up 10.60 points (0.14%) at 7,409.53, while the tech-heavy Nasdaq was down 2.78 points (0.017%) at 26,244.30.
Market sentiment turned to the sidelines after U.S. President Donald Trump expressed disappointment with Iran's cease-fire proposal. On the 10th, Trump said he had received Iran's written response on the cease-fire, saying, "I don't like it. I absolutely cannot accept it."
According to Iranian outlet Tasnim, the response letter reportedly included provisions for an immediate halt to the war and for restoring maritime security, including in the Strait of Hormuz.
Still, some assess that the fundamentals of the U.S. stock market remain solid. Major big-tech corporations' first-quarter results topped market expectations, and the number of nonfarm institutional sector employees disclosed for April recently increased by 115,000 from the prior month, exceeding forecasts.
Rick Rieder, BlackRock's global fixed-income chief investment officer, said, "The pace of economic growth could slow somewhat compared with before due to the Iran war and the resulting energy shock," but noted, "There are much larger structural factors, so the overall economy could hold up better than the market expects."