Iran Nuclear Deal On The Horizon – Europe Market Wrap

Wall Street was heading for a pullback on Thursday and tech stocks fell as investors worried about an economic slowdown and overheated markets. Oil slumped more than 3%.

S&P 500 futures slid 0.5%, with Nvidia, Palantir Technologies and Tesla falling about 2% in early trading. The dollar weakened and US bonds were steady. Brent sank below $64 a barrel after President Trump said the US is getting closer to a deal on Iran’s nuclear program, fueling concern that additional oil supply may pressure the market.

Traders were looking ahead to a speech by Federal Reserve Chair Jerome Powell, as well as data on manufacturing and retail sales, for the next readout on US growth and inflation. Economists are expecting no growth in retail sales in April as consumers cut back on some purchases.