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(Sharecast News) - New York stocks inched higher on Thursday morning as oil prices pulled back following a recent surge, though gains were limited as investors weighed the latest developments in the Middle East and the potential for an escalation in conflict between the US and Iran.
By 1526 BST, the Dow and Nasdaq were both trading 0.1% higher, while the S&P 500 was up 0.2%.
Oil prices pulled back after jumping on Wednesday following the resumption of strikes between Iran and the US after Donald Trump announced that the ceasefire was officially "over", claiming that he no longer wants to deal with Tehran's leaders.
Brent was down 1.0% at $77.24 a barrel, following a 5.2% jump on Wednesday, while WTI crude was 1.3% at $72.58 after gaining 4.4% previously.
US forces were given the nod to complete another round of strikes against Iran, with Central Command confirming they had hit more sites in an attempt to further degrading Tehran's ability to attack shipping in the Strait of Hormuz. They hit around 90 military targets, including air defence systems, coastal surveillance assets, missile and drone storage sites, according to a statement.
Trump told a news conference at the Nato summit in Turkey that he was no longer sure he wanted to make a deal with Iran. "We can play games, but I'm not sure I want to make a deal," Trump said, adding, "Let's just finish the job."
"This morning's gains came despite reports that Iran had targeted oil tankers near the Strait of Hormuz, and the US had retaliated with over 60 strikes on Iranian military targets. Despite this, it appears that shipping is still transiting the Strait, although at a reduced rate when compared to last week," said David Morrison, senior market analyst at Trade Nation.
In economic news, US initial jobless claims fell to 215,000 last week from an upwardly revised 217,000 the week before, coming in below the 218,000 consensus estimate.
Meanwhile, US existing home sales fell 2.4% to 4.09m in June, down from 4.19m the month before and well below the 4.20m expected by the market.
In equity news, PepsiCo shares dropped 6% on Thursday after the drinks and snacks group flagged pressure from unpredictable commodity prices and weaker North American food sales, despite posting higher second-quarter profits.
US-listed shares of AstraZeneca dropped over 7% after a trial for a treatment for a rare type of heart disease failed to meet its primary objective.