Dow Slips Amid Rising Oil Prices and Hopes for US-Iran Deal

The Dow Jones Industrial Average is experiencing a slight decline on Tuesday as oil prices approach $90 per barrel. Despite this, hopes for a US-Iran deal are rising, with Pakistani Defense Minister Khawaja Asif stating that 'things are shaping up again in favor of a peace arrangement or a deal.'

Asif's comments come after a US helicopter struck a Panama-flagged ship attempting to run through the Iranian blockade in the Strait of Hormuz. The incident has resulted in suppressed traffic through the waterway, with only six vessels passing through on Monday compared to the 10-day average of 11.

The housing market is also feeling the effects of higher mortgage rates, with US existing home sales falling 1.7% to an annualized rate of 4.06 million units in July. The 30-year fixed-rate mortgage rose to 6.69% last week from 6.66% a week earlier.

While some sectors are mixed, including tech and consumer cyclicals, Alphabet and Amazon are down by over 2%, dragging the index lower. Meanwhile, Chevron is trading higher alongside rising oil prices.