Wall St slips as oil spikes after Trump rejects Iran peace proposal
SPY•Wall Street’s main indexes fell 0.46% to 0.65% after Trump rejected an Iranian peace proposal, while crude rose 2% to around $107 a barrel. Nvidia gained 3.2% after authorizing a $150 billion share repurchase.
1. Oil and yields rise
Wall Street’s main indexes fell on Monday after President Donald Trump rejected an Iranian proposal to end the conflict, lifting crude prices and Treasury yields. At 9:51 a.m. ET, the Dow was down 0.47%, the S&P 500 0.46% and the Nasdaq 0.65%. Crude rose 2% to around $107 a barrel, and longer-dated Treasury yields reached fresh multi-decade highs.
2. Company moves and data ahead
Nvidia gained 3.2% after announcing a $150 billion share repurchase authorization, its biggest increase in buybacks on record. Tesla fell 2.7% after J.P. Morgan lowered its price target, citing weak third-quarter deliveries. Investors were also watching for the August Personal Consumption Expenditures Index and September Non-Farm Payrolls report, both due this week.
