US Stocks Hold Steady Amid Ongoing Iran Tensions
US stocks held steady in morning trading on Wall Street Tuesday as Treasury yields remained relatively stable and oil prices fell. The S&P 500 was mostly unchanged, while the Dow Jones Industrial Average dropped by 81 points, or 0.2%, to 9:51 a.m. Eastern time.
The majority of stocks within the S&P 500 index lost ground, but several big technology companies helped offset those losses. Nvidia rose 0.7% and Broadcom rose 2.7%. They are among the most valuable companies on Wall Street and their market values give them greater influence over the broader market's direction.
The price of Brent crude oil in the most actively traded part of the oil market fell by 1.8% to $96.10 a barrel, down from briefly climbing above $100 on Monday before prices eased a bit. Oil prices have been swinging sharply amid the U.S. war with Iran, pushing Treasury yields to their highest levels in two decades.
Mediators continued to work with the United States and Iran on reaching a deal to end the fighting and open the Strait of Hormuz. Rising oil prices have been fueling a jump in Treasury yields, which threaten to slow economic growth by making borrowing more expensive for individuals and businesses.