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Update: Equities Fall, Oil Rises as Trump Says US Not in Talks With Iran

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Update: Equities Fall, Oil Rises as Trump Says US Not in Talks With Iran

(Updates with latest market prices and developments.)

US stocks were lower intraday and oil prices rose as President Donald Trump said Washington is not in talks with Iran, a day after a ceasefire between the two countries expired.

The Nasdaq Composite was down 1.1% at 26,341.7 after midday Tuesday, while the S&P 500 fell 0.5% to 7,703.3. The Dow Jones Industrial Average edged down 0.1% to 53,382.7. Among sectors, technology saw the steepest decline, while healthcare paced the gainers.

West Texas Intermediate crude oil rose 0.7% to $85.10 a barrel, while Brent climbed 0.4% to $91.21.

"There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump said Tuesday in a social media post. "The naval blockade remains in full force and effect."

A 60-day ceasefire agreement between the US and Iran expired on Monday, with no signs of further negotiations.

Trump claimed that the Strait of Hormuz was "open and operating."

Iran's top negotiator, Mohammad Bagher Ghalibaf, said Tuesday that the Strait of Hormuz will remain shut until the US meets the conditions of the interim deal signed in June, Reuters reported, citing state media.

US Treasury yields were lower intraday, with the 10-year yield falling 1.4 basis points to 4.71% and the two-year yield down 0.9 basis point to 4.17%.

In company news, Meta Platforms (META) was down 3.2% as a social media addition trial brought by 29 states got underway.

Amer Sports (AS) lifted its full-year outlook as the Finnish sports equipment company reported second-quarter results above market estimates, buoyed by double-digit revenue growth across all of its segments. The stock rose 2.4%.

In economic news, US housing starts fell more than expected in July amid declines in both single and multi-family units, while building permits jumped to a five-month high, government data showed Tuesday.

US pending home sales dropped 2.3% sequentially in July, data from the National Association of Realtors showed, while consensus was for sales to be flat in a survey compiled by Bloomberg.

Spot gold fell 1.1% to $4,366.04 per troy ounce, while silver shed 3.3% to $64.05 per ounce.

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Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires
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Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires

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