Stocks had another wild session on Tuesday as concerns around a prolonged U.S.-Iran conflict rattled markets, though comments from President Donald Trump appeared to somewhat assuage those worries.
The Dow Jones Industrial Average fell back by close 403.51 points to 48,501.27.
The S&P 500 slumped 64.99 points to 6,816.63.
The NASDAQ dumped 232.17 points to 22,516.69
Trump said Tuesday afternoon that the U.S. Navy will escort tankers through Strait of Hormuz, if necessary.
“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” Trump said in a Truth Social post. “The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come.”
Several major tech stocks, such as Nvidia, that led the Monday intraday comeback were lower on Tuesday. U.S. memory stocks were also under pressure and were poised to follow the notable declines seen in memory chip stocks in South Korea.
Additionally, shares of Blackstone fell 2% after the Financial Times reported that its private credit fund saw $1.7 billion in net outflows in the first quarter.
Prices for the 10-year Treasury weakened, hiking yields to 4.06% from Monday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $2.51 to $73.74 U.S. a barrel.
Gold prices fell back $210.90 to $5,109.70 U.S. an ounce.
