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The S&P 500 dropped on Tuesday as investors grew concerned that a peace deal between the U.S. and Iran would not be struck ahead of a ceasefire that’s set to expire Wednesday.
The Dow Jones Industrial Average toppled 292.96 points to 49,149.60.
The much-broader index dropped 45.12 points to 7,064.02.
The NASDAQ dwindled 144.43 points to 24,259.96.
Nervousness about the prospect of a U.S.-Iran peace deal was heightened on Wall Street after Vice President JD Vance’s trip to join Iran negotiations was paused because of a lack of commitment from Tehran. That’s according to reports from The New York Times and Axios, which cited U.S. officials with knowledge of the situation.
Oil prices reversed course from a big decline in recent days in anticipation of a deal. West Texas Intermediate futures increased 2.81% to settle at $92.13 per barrel. Brent futures advanced 3.14% to close at $98.48 a barrel.
On Tuesday, UnitedHealth’s first-quarter results surpassed Wall Street’s expectations, which sent shares of the health insurance giant more than 8% higher. The company also hiked its earnings outlook.
Meanwhile, Amazon shares climbed more than 1% on the heels of the company agreeing to invest up to $25 billion in artificial intelligence startup Anthropic.
Prices for the 10-year Treasury moved lower, raising yields to 4.31% from Monday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices gained $4.38 to $91.80 U.S. a barrel.
Gold prices slumbered $130.80 to $4,698 U.S. an ounce.
