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The S&P 500 pulled back on Tuesday, giving back some of the sharp gains seen in the previous session, as crude prices rose again while the Iran war moved further into its fourth week.
The Dow Jones Industrials sank 84.84 points to 46,123.63
The much broader index sank 24.67 points to 6,556.34
The NASDAQ dipped 184.87 points to 21,761.76.
The major averages all rose more than 1% on Monday after President Donald Trump said in a Truth Social post that the U.S. and Iran had held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
Iranian state media reported that there were no direct talks between the two countries, however.
Trump over the weekend had threatened an attack on Iranian power plants if the Strait of Hormuz wasn’t reopened. Iran, in turn, said that it would target U.S. infrastructure as a retaliatory tactic.
Prices for the 10-year Treasury sagged, raising yields to 4.39% from Monday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices skyrocketed $3.54 to $91.67 U.S. a barrel.
Gold prices fell $6.70 to $4,400.60 U.S. an ounce.
