Stocks closed mostly lower on July 8 after President Donald Trump signaled the Iran ceasefire was ending.
The Dow Jones lost just over 1% of its value, ending the day down nearly 600 points. The S&P 500 declined 0.3%. The tech-heavy Nasdaq, which has already suffered losses in recent weeks, gained 0.2%.
Renewed strikes create market turmoil
Markets faltered after renewed military strikes between the United States and Iran, a development that prompted Trump to announce that a ceasefire in the Iran war was likely to end.
“For me, I think it’s over. I don’t want to deal with them,” Trump said while attending the NATO summit in Ankara, Turkey.
Oil prices rose on that news, as conflict in the Middle East disrupts supplies.
Oil prices reached their highest level in the last few weeks. Global benchmark Brent crude oil jumped 6% to $74.50 a barrel.
Energy stocks rise, consumer goods fall
Energy stocks rose that day: Rising oil prices boost oil-company profits. But shares of some consumer-goods companies fell, fearing higher energy prices could hamper their operations.
Fed shows split on minutes rates
The stock market showed little reaction to the release of minutes of the Federal Reserve’s June meeting, a session in which there were no changes in benchmark interest rates. The minutes, which shed light on the inner workings of the central bank, show bankers divided on the future direction of interest rates.
The CME FedWatch forecast tool shows that most traders expect higher interest rates by the end of the year.
Contributing: Rachel Barber, USA TODAY