The S&P 500 declined on Tuesday as investor optimism about the reopening of the Strait of Hormuz weakened, fueling ongoing concerns that the U.S. and Iran may not reach a broader resolution to their conflict.
The main stock index fell by 0.3%, while the Nasdaq Composite decreased by 0.6%. The Dow Jones Industrial Average dropped 82 points, or 0.2%.
Communication services was the worst-performing sector in the S&P 500, dropping over 1% amid declines in Alphabet and AppLovin shares, which fell 3% and 5%, respectively.
The information technology sector also traded lower.
These market movements coincided with rising oil prices amid heightened Middle East tensions.
Iran’s Supreme National Security Council Secretary reiterated that the Strait of Hormuz would remain closed until certain conditions are met.
Source (CNBC)
