Financial Wire

US Equity Indexes Retreat From Records as Iran Peace Talks Hang in Balance

-- US equity indexes slipped, while crude oil futures rose amid high-stakes Middle East diplomacy to bring Iran back to the negotiating table in Pakistan for a second round of peace talks.

The Nasdaq Composite fell 0.6% to 24,308.2, with the S&P 500 down 0.4% to 7,100.3, after breaking records last week when President Donald Trump talked up the likelihood of reaching an Iran peace deal before the end of the current, two-week ceasefire on Tuesday. The Dow Jones Industrial Average fell 0.3% to 49,284.5.

Consumer discretionary, communication services, and technology led decliners intraday. Energy and materials were among the biggest gainers.

West Texas Intermediate crude oil futures jumped 5.1% to $88.16, and Brent crude futures advanced 5% to $94.91.

Vice President JD Vance and top US officials are expected to depart Tuesday for Islamabad, Pakistan, ahead of a potential second round of talks with Iran, CNN reported Monday, citing sources. Iran is considering attending peace talks, a senior official from the Middle East nation told Reuters on Monday, following moves by Islamabad to end a US blockade of Tehran's ports, a major hurdle for the country under threat of widespread attack to rejoin peace efforts.

Trump said it's "highly unlikely" he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, and said the Strait of Hormuz would remain blocked until an agreement is finalized, Bloomberg reported. The US president said in a Monday phone interview that the second round of talks with Iran is set to begin Tuesday.

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