April 13 (Reuters) - Wall Street's main indexes were mixed on Monday, as investors weighed the fallout from the failed U.S.-Iran talks against the lure of buying the dip.
The rhetoric between the two sides became increasingly aggressive, with President Donald Trump ramping up his threats nL6N40W0W0 against Iran after the U.S. military blockade of all maritime traffic entering or leaving Iranian ports and coastal areas.
However, some said attention should shift to factors beyond geopolitics despite Brent crude futures jumping above $100 a barrel and reigniting inflation concerns.
"The global economy is a lot more resilient than many give it credit for and it has a way of managing such bottlenecks better than one might think," Morgan Stanley analysts wrote.
The latest developments suggest that investors are not positioning their portfolios solely around geopolitics, but are weighing a broad range of factors including earnings and company-specific updates, which could temper volatility and prevent sharp moves.
As of 11:50 a.m. ET, the Dow Jones Industrial Average fell 255.39 points, or 0.53%, to 47,661.18, the S&P 500 was flat and the Nasdaq Composite rose 64.35 points, or 0.28%, to 22,967.24.
Shares of Allogene Therapeutics surged 25.74%, hitting their highest in over two years and boosting the Nasdaq after interim data from a mid-stage study nL4N40W0T3 showed that its blood cancer therapy reduced the risk of relapse in patients.
Albemarle, the world's largest lithium producer, gained 7.98% and was the biggest gainer on the S&P 500. Oppenheimer raised its price target on the company to $222 from $216.
GOLDMAN DROPS AFTER EARNINGS
Goldman Sachs shares fell 3.14% and were the biggest laggard on the blue-chip Dow, with concerns over weakness in fixed income, currencies and commodities outweighing optimism around its profit beat nL4N40W0SE.
"We don't see the market really paying too much attention to the earnings beat. And it's all because of prospects of higher inflation, weaker economic activity and a Fed that may be forced to stay on hold for a long, long time," said Peter Cardillo, chief market economist at Spartan Capital Securities.
Goldman CEO David Solomon said market volatility stemming from the conflict had tempered IPO execution, but the environment remains robust and activity will rebound once conditions stabilize.
Among individual movers, Chevron, Exxon Mobil and ConocoPhillips climbed 1.59%, 1.09% and 1.3%, respectively, pushing energy stocks 1.08% higher.
Travel-related stocks dropped, with carriers such as Delta Air Lines and Southwest Airlines down 2.81% and 2.77%, respectively, on concerns that higher oil prices might push up fuel costs.
Industrial supplies distributor Fastenal's shares fell 7.38% after earnings. Sandisk added 5.87% as the memory chipmaker was on track to join the Nasdaq-100 index on April 20.
Declining issues outnumbered advancers by a 1.22-to-1 ratio on the NYSE and by a 1.18-to-1 ratio on the Nasdaq.
The S&P 500 posted 13 new 52-week highs and 11 new lows while the Nasdaq Composite recorded 67 new highs and 78 new lows.
Separately, data showed that U.S. existing home sales fell to a nine-month low in March amid tight inventory and growing concerns over the labor market.
Federal Reserve Governor Stephen Miran is scheduled to speak later in the day.
(Reporting by Niket Nishant and Avinash P in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath)
By Niket Nishant and Avinash P



















