US Markets
Wall Street Logs Back-to-Back Losses Amid US-Iran Talks Uncertainty
Equities on Wall Street fell for a second straight session on Wednesday amid doubts over a fresh round of negotiations between the US and Tehran.The three main US stock indexes lost 0.6% each, with the S&P 500 closing at 7,064. The Nasdaq Composite ended at 24,260, while the Dow Jones Industrial Average settled at 49,149.4. Barring energy, all sectors were in the red, led by real estate.Shortly after market close, US President Donald Trump announced the extension a two-week ceasefire deal with Iran, though he said the naval blockade of Iranian ports will continue. The truce was announced April 7.Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir asked for an extension, Trump said in a Truth Social post.The blockade of the crucial Strait of Hormuz had fueled uncertainty around a second round of discussions between Washington and Iran, likely to be held in Pakistan, CNN reported Tuesday. US Vice President JD Vance's plans to depart for Islamabad had reportedly been put on hold amid Iran's reluctance to participate in peace talks.West Texas Intermediate crude oil was last up 1.7% at $88.90 per barrel, while Brent climbed 3.5% to $98.82.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.30% and the two-year rate rising 6.5 basis point to 3.79%.Meanwhile, Kevin Warsh said the Federal Reserve, under his leadership, would be independent from the White House, CNBC reported. He made the remarks at his Senate Banking Committee confirmation hearing. Warsh is Trump's Fed chair nominee.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed.In company news, Apple (AAPL) shares fell 2.5%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 12%, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares jumped 7%, the biggest gainer on the Dow and among the best performers on the S&P 500.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares advanced 5.8%, among the biggest gains on the S&P 500.Gold was down 2.1% at $4,726.10 per troy ounce, while silver dropped 4.4% to $76.53 per ounce.
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