US stocks: US market drops as Trump’s rejection of Iran peace plan lifts oil prices– economictimes.indiatimes.com
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EXCERPT:
US market’s main indexes fell on Monday after President Donald Trump rejected an Iranian proposal to end the conflict, sending crude prices higher, reviving inflation concerns and pushing Treasury yields up, Reuters reported.
Nvidia offered some support to the broader market, rising 3.2% after the chipmaker authorised a $150 billion share repurchase—the largest buyback approval in its history.
Iran unveiled a peace proposal at last week’s United Nations General Assembly in New York and said it had been conveyed to the United States through Qatari mediators. Trump said on Saturday that he had rejected the offer, though he told Axios on Sunday that he expected US negotiators to continue talks this week.
Crude prices climbed 2% to around $107 a barrel. The increase also weighed on Treasuries, driving longer-dated yields to fresh multidecade highs.
“Energy has been the one consistent upward pressure on inflation, and anything that continues to put pressure on inflation is going to be something that motivates the Fed to raise rates,” Art Hogan, chief market strategist at B Riley Wealth, told Reuters.