India, April 24 -- US markets slipped Thursday as rising geopolitical tensions and mixed corporate earnings weighed on investor sentiment, pulling Wall Street back from record highs. Futures tied to the S&P 500 Index and Nasdaq 100 Index dropped about 0.3% before the opening bell, signaling a retreat after a strong rally. By midday trading, the Dow Jones Industrial Average had fallen roughly 0.8%, while the Nasdaq slid more than 1%, reversing some of its recent record-setting momentum.

At the heart of the downturn is uncertainty around the Strait of Hormuz and the broader US-Iran standoff. While President Donald Trump extended a ceasefire earlier this week, there is still no clear path forward for negotiations.

Iran has refused to retur...