Stocks Decline Amid Iran Conflict Uncertainty as Ceasefire Deadline Approaches
Stock markets pulled back on April 21 as oil prices surged and Middle East tensions escalated, with investors awaiting developments before the ceasefire expires. The S&P 500 and Nasdaq declined slightly despite recent rally hopes tied to potential peace talks.
Market Downturn Amid Geopolitical Risk
Market Performance: The S&P 500 slid on Tuesday as oil prices moved higher, with the broad market index falling 0.1%, while Nasdaq Composite ticked up 0.1%, and the Dow Jones Industrial Average shed 37 points, or 0.1%.
Oil Prices and Energy Markets
Energy Surge: West Texas Intermediate futures added 6.49% to $89.29 per barrel as of 3:35 a.m. ET, while Brent crude rose 6.34% higher to $96.12 per barrel.
Diplomatic Developments
Peace Negotiations: President Donald Trump told CNBC Tuesday that he expects the U.S. and Iran to make a "great deal." However, the president added that the U.S. military is "ready" to bomb Iran if a deal is not signed by the ceasefire deadline.
Retail Sales Data
Consumer Spending: Retail spending was stronger than expected in March as soaring gas prices took their toll on consumers' wallets, with sales rising 1.7% for the month, stronger than the 0.6% gain in February and higher than the 1.5% Dow Jones consensus estimate, while excluding autos, sales rose 1.9%, compared to the estimate for 1.4%.