Stocks mostly down amid trade clash, US-Iran tensions
<p>New York: Wall Street stocks were mostly lower early Monday as markets assessed the breakdown of US-Canada trade talks and awaited details of Washington's economic warfare against Iran.</p> <p>Negotiations between Washington and Ottawa broke down late Friday, putting into force new 50-percent US tariffs and retaliatory levies from Canada.</p> <p>Meanwhile, Iran responded defiantly to US…
New York - Wall Street stocks experienced a predominantly downward trend on Monday, as traders analyzed the collapse of US-Canada trade talks and anticipated the consequences of US economic sanctions against Iran.
Late Friday, negotiations between Washington and Ottawa reached an impasse, triggering the implementation of new 50% US tariffs and retaliatory duties imposed by Canada.
In response to US Treasury Secretary Scott Bessent's warning of an "economic D-Day" targeting Iran, Iran demonstrated a defiant stance. Treasury Secretary Bessent was scheduled to deliver further insights into measures aimed at countering the surge in long-term treasury yields during a press conference later on Monday.
At the opening bell, the Dow Jones Industrial Average edged up by 0.2% to 53,357.60, while the S&P 500 slipped by 0.3% to 7,652.12, and the tech-oriented Nasdaq Composite plummeted 0.7% to 26,009.88.
Although August is typically a subdued period for market activity, analyst Patrick O'Hare of Briefing.com predicted that "this week is shaping up to be quite busy." Other critical developments to watch include US inflation figures, Nvidia's quarterly earnings report, and a speech by Federal Reserve Chair Kevin Warsh at the upcoming Jackson Hole economic conference in Wyoming.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
