Stocks Slip as Oil Rally Revives Ceasefire Doubts – US Market Wrap
A jump in oil prices weighed on equities as a volatile weekend in the Middle East clouded hopes for peace talks between the US and Iran before their fragile ceasefire expires.
US stocks pulled back from record highs, with the S&P 500 snapping a five-day winning streak as several major technology names declined. President Donald Trump said he is unlikely to extend the truce with Tehran if no agreement is reached before the deadline, and added that the Strait of Hormuz would remain blocked until a deal is finalized. Brent crude settled above $95 a barrel. Treasuries and the dollar were little changed.
Traffic through Hormuz has slowed sharply as Iran tightened control in response to military strikes. While Tehran had briefly indicated the waterway would reopen, that stance reversed after the US maintained its naval blockade and struck an Iranian vessel.
