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Stocks fell on Tuesday as President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz approached, with hopes of an agreement fading.
The Dow Jones Industrials dropped 247.90 points to 46,421.98.
The S&P 500 swooned 32.9 points to 6,578.93.
The NASDAQ stepped back 162.28 points to 21,834.05.
Trump has set an 8 p.m. ET deadline for the U.S. and Iran to strike a deal on reopening the Strait of Hormuz, otherwise the U.S. will destroy Iran’s power plants and bridges.
However, his latest comments and new reports suggest an agreement by then is unlikely, as he said in a Truth Social post Tuesday: “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”
Broadcom was a bright spot of the session, rising 3% on the heels of the company signing expanded artificial intelligence deals with Google and Anthropic.
Shares of Casey’s General Stores subtracted $1.23 to $746.54, ahead of the convenience store chain’s planned addition to the S&P 500.
The president still left room for the possibility that the U.S. wouldn’t end up attacking the Middle Eastern country after the deadline, adding that “now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS?”
Tensions have already been ramping up in the leadup to the deadline. The Wall Street Journal and NBC News, citing U.S. officials, reported that the U.S. carried out strikes on Kharg Island overnight.
The Wall Street Journal has also reported that negotiators aren’t optimistic a deal between the U.S. and Iran can be reached before Trump’s deadline.
Prices for the 10-year Treasury lost ground, raising yields to 4.35% from Monday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.78 to $115.19 U.S. a barrel.
Gold prices dulled $7.10 to $4,677.60 U.S. an ounce.
