Iran Issues Warning to Gulf States Over Use of Territory
The Dow Jones Industrial Average declined 0.59%, losing 292.96 points to finish at 49,149.60. The S&P 500 dropped 0.63%, or 45.13 points, closing at 7,064.01, while the Nasdaq Composite fell 0.59%, shedding 144.43 points to end at 24,259.96.
Market volatility also increased, with the CBOE Volatility Index (VIX)—widely viewed as a measure of investor fear—rising 3.07% to 19.50.
Sentiment weakened after reports indicated that preparations for a diplomatic trip by US Vice President JD Vance to engage in talks with Iran had been suspended, amid concerns over Tehran’s lack of clear commitment. This added to doubts about the likelihood of a near-term diplomatic breakthrough.
US President Donald Trump later announced an extension of a two-week ceasefire set to expire Wednesday, although the move came after trading had closed. He had previously suggested that while he anticipated a potential agreement with Iran, military action could resume if no deal was reached by the deadline.
Energy markets also experienced volatility during the session. Brent crude rose 3.5% to $98.85 per barrel, while US West Texas Intermediate (WTI) increased 3% to $90.04 per barrel, reflecting shifting expectations around supply risks tied to the ceasefire and ongoing naval blockade.
The downturn followed a cautious start to the week, with investors already on edge ahead of the ceasefire deadline. Notably, the Nasdaq ended a 13-session winning streak—its longest since 1992—highlighting a broader shift in market momentum.
In corporate developments, UnitedHealth shares rose more than 6.9% after the company reported stronger-than-expected quarterly earnings and raised its full-year outlook.
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