The S&P 500 was relatively unchanged on Tuesday as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts that the U.S. and Iran can reach a broader resolution to the conflict.
The Dow Jones Industrials tottered 39.48 points to pause for lunch Tuesday at 53,937.50.
The much-broader index slid 7.84 points to 7,745.27.
The NASDAQ Composite dumped 82.45 points to 26,522.91.
The downward progress came as oil held steady amid uncertainty over the Middle East conflict.
Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S. until several conditions are met.
Iranian Foreign Minister Abbas Araghchi said Sunday there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim
News Agency.
Prices for the 10-year Treasury showed strength, dropping yields to 4.69% from Monday’s 4.71%. Treasury prices and yields move in opposite directions.
Oil prices resurfaced 84 cents to $82.97 U.S. a barrel.
Gold prices surged $17.60 to $4,437.30 U.S. an ounce.
