Wall Street Slips as Yields Hit 5.25 Percent, Oil Tumbles on Iran Talks
The Dow Jones Industrial Average shed 131.59 points, or 0.26%, ending at 51,349.92. The S&P 500 dropped 12.85 points, or 0.17%, to 7,670.84, and the Nasdaq Composite eased 22.84 points, or 0.09%, to 26,797.54.
Bond markets moved the other way. The benchmark 10-year US Treasury yield gained 1.1 basis points to 5.253%.
Oil Retreats on Supply Relief
Energy markets saw sharp declines. International benchmark Brent crude fell 2.8%, or $2.94, to $102.35 a barrel. West Texas Intermediate futures dropped $3.5, or 3.8%, to $89.
Signs of recovering Middle Eastern supply drove the slide. Saudi Arabia resumed oil exports through its East-West pipeline after repairs to damage caused by drone strikes, and heavier tanker traffic through the Strait of Hormuz further eased near-term supply fears.
Diplomacy Stays Unsettled
Uncertainty over a diplomatic resolution lingered. Iranian Foreign Minister Abbas Araghchi met Qatari mediators in New York to discuss reopening the waterway.
Washington, meanwhile, sanctioned 10 individuals and entities based in Iran, Hong Kong and Pakistan, accusing them of procuring weapons and components for Iran's Defense Ministry. The measures were part of the Trump administration's economic pressure campaign against Tehran, with the prospects for renewed talks still unclear.
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