On Monday, the S&P 500 remained largely unchanged, while oil prices declined as Wall Street evaluated recent developments in Iran negotiations and awaited upcoming inflation data, which is closely watched by the Federal Reserve.
The overall market was flat, with the Nasdaq Composite decreasing by 0.6%. The Dow Jones Industrial Average gained 214 points, or 0.4%.
Brent oil futures turned negative after mediators Qatar and Pakistan announced that U.S. and Iranian officials had agreed on a roadmap to finalize a deal within 60 days. Oil prices later retreated to session lows following the Treasury Department’s authorization of Iranian oil sales for the next 60 days.
International Brent crude futures for August dropped over 3%, settling around $77 a barrel. Meanwhile, U.S. West Texas Intermediate futures for July declined more than 2%, trading near $74.
Source (CNBC)
