US Stocks Fall Amid Escalating Geopolitics, Crude Prices Rise
The US stock market fell on Tuesday, while crude prices rose amid escalating geopolitical tensions.
The Dow Jones lagged behind other indices, with the equal-weight S&P falling by around 1%. Energy, Utilities, and Real Estate sectors closed higher, while Health Care, Financials, and Materials lagged.
Crude prices were initially supported by Saudi Energy Minister comments that energy facilities had been hit, temporarily halting some operations. However, they later moved off their highs after Qatar said it's working with regional partners and China to resume talks between the US and Iran.
The NY Fed SCE report saw inflation expectations little changed, while perceptions of the labour market deteriorated. The data had little impact on the Treasury market, which is awaiting US inflation data later this week alongside further Treasury supply.