Stock Market Today: Oil Slips Below $100 Amid Hopes of More Iran Talks
S&P 500 poised for more gains after recovering to prewar levels
The U.S. blockade of the Strait of Hormuz is proving to be no bother to investors.
Oil prices retreated and global stocks rose Tuesday, after both the U.S. and Iran signaled that they see room to continue talking. Iranian Foreign Minister Abbas Araghchi told his French counterpart that there had been progress in the negotiations on many issues, while President Trump said that the “right people” in Iran still want to make a deal.
Brent crude futures slipped to trade around $98 a barrel while Asian and European stocks rose. U.S. stock futures rose, extending earlier gains, after wholesale inflation for March came in cooler than expected.
The dollar fell alongside Treasury yields and gold rose, in a further reversal of trends that have broadly held since the conflict in the Middle East began.
Investors were also watching earnings from some of America’s biggest banks. Both JPMorgan Chase and Wells Fargo indicated that the economy and consumers remained resilient in the first quarter, despite the war in Iran.
Wall Street once again proved resilient in the face of increased geopolitical uncertainty. The major averages posted solid gains to start the week even after U.S.-Iran negotiations over the weekend broke down. President Donald Trump also said Monday that, “We’ve been called by the other side.” He also said: “They’d like to make a deal very badly.”
Monday’s gains erased the S&P 500 losses suffered since the Iran war began.
