Wall St declines as oil spikes after Trump rejects Iran peace proposal

On Monday, Wall Street's major indexes declined as President Donald Trump dismissed an Iranian proposal to resolve the ongoing conflict. The rejection triggered a surge in crude oil prices, reigniting concerns about inflation and prompting an increase in Treasury yields. However, Nvidia managed to offset some of the losses by reporting a 2.1% gain following the announcement of a $150 billion share repurchase authorization, marking the company's largest share buyback in recorded history.

Iran communicated its peace proposal to the United States through Qatari intermediaries during the recent United Nations General Assembly in New York. Though Trump stated on Saturday that he had rejected the offer, he later admitted to Axios on Sunday that he anticipated U.S. negotiators to proceed with talks throughout the upcoming week.

Crude oil prices surged by 3% to approximately $107 per barrel, exerting downward pressure on Treasury securities and pushing longer-term yields to unprecedented multi-decade highs. Energy has consistently served as a catalyst for inflation, and any further inflationary pressures will likely prompt the Federal Reserve to raise interest rates, according to Art Hogan, chief market strategist at B. Riley W.