US stocks fall, bond yields rise as Middle East war drags on
NEW YORK: Wall Street stocks retreated Monday as US Treasury yields continued to climb after US President Donald Trump rejected Iran's offer of a seven-day truce.
U.S. stocks declined on Monday while Treasury yields rose following President Donald Trump's rejection of Iran's seven-day truce proposal. Oil prices also increased, although they remained below session highs due to traders' relief that Trump indicated he expects talks to continue. The ongoing conflict between the U.S. and Iran has negatively impacted markets as the situation escalates.
The S&P 500 closed down 0.8 percent, and European natural gas prices also rose, causing average diesel prices in the UK to hit a record high. The ongoing impasse between Washington and Tehran continues to unsettle markets, with investors concerned that the Federal Reserve will implement significant monetary tightening to combat inflation.
Iran's Foreign Minister Abbas Araghchi was reportedly set to meet with Qatari mediators in New York on Monday, discussing conditions for reopening the Strait of Hormuz, a critical shipping lane.
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