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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 regained 50.64 points to start out Tuesday at 54,026.62.
The much-broader index revived 4.82 points to 7,757.93.
The NASDAQ Composite dumped 30.2 points to 26,575.15.
Nvidia shares kept the S&P 500 afloat, rising more than 1%. On Monday, the company said it’s partnering with six large asset managers to mobilize more than $500 billion for artificial intelligence infrastructure.
The moves come 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 4.68% from Monday’s 4.71%. Treasury prices and yields move in opposite directions.
Oil prices dipped two cents to $82.11 U.S. a barrel.
Gold prices surged $22.90 to $4,442.40 U.S. an ounce.
