"SPY futures slipped as much as .74% in early trading Tuesday as Monday's relief rally evaporated overnight. Tehran's flat denial that any direct negotiations with Washington had taken place undercut President Trump's claim of 'very good and productive' discussions aimed at resolving hostilities."
"Three weeks of conflict have left real damage. The S&P 500 is down 3.89% year-to-date and has posted four consecutive weekly declines, hitting a six-month low."
"The core problem for equities is oil. WTI crude surged from roughly $74 per barrel in early March to a 52-week high of $98.48 on March 13, driven almost entirely by the conflict and threats to Strait of Hormuz traffic."
"Oil has since pulled back to $93.39, but still sits in the 98th percentile of the market, indicating ongoing concerns about supply and geopolitical stability."
SPDR S&P 500 ETF Trust futures fell by 0.74% as Tehran denied any negotiations with Washington, undermining President Trump's claims of productive discussions. Following a significant rally, the S&P 500 is down 3.89% year-to-date, with the Dow and Nasdaq also experiencing declines. The ongoing conflict has impacted market performance, particularly in growth stocks, as rising oil prices continue to exert pressure. WTI crude oil prices surged due to geopolitical tensions, affecting overall market sentiment and contributing to the volatility in equities.
Read at 24/7 Wall St.
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