US stocks traded on a mixed note in early trade on Wednesday as weakness in semiconductor stocks dragged the Nasdaq Composite and the S&P 500 lower, while the Dow Jones Industrial Average managed modest gains despite a sharp rally in crude oil prices.
As of 9:32 a.m. EDT, the Dow Jones Industrial Average was up 93.24 points, or 0.18%, at 52,317.88. The S&P 500 slipped 9.94 points, or 0.13%, to 7,499.26, while the Nasdaq Composite declined 120.61 points, or 0.47%, to 25,716.60.
The cautious start follows losses in US stock futures earlier in the day after oil prices surged on escalating geopolitical tensions in the Middle East.
Brent crude climbed about 3% to trade above $94 a barrel, briefly crossing the $95 mark for the first time in more than a month. US West Texas Intermediate crude also gained around 3% to trade above $86 a barrel.