Wall Street Dives on Fading US-Iran Peace Deal Optimism

Wall Street closed lower on August 11 as optimism about a US-Iran peace deal faded. The S&P 500 declined 0.32% to 7,728.20 points, while the Nasdaq dropped 0.6% to 26,445.45 points.

The Dow Jones Industrial Average also fell 0.34% to 53,791.85 points. Amazon dipped 2.1%, and Alphabet fell 3.8%, both weighing on the S&P 500 and Nasdaq.

Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky, said: 'It's just really hard to come to an agreement that works for everyone.'

The Strait of Hormuz will remain closed as long as the US does not change its behavior and accept Iran’s conditions to end the war, said the newly appointed secretary of Iran’s Supreme National Security Council.