Stocks Remained Unchanged Before Iran Deal
Latest reports have revealed that the stock market has remained unchanged before the Iranian deal. Stocks did not show any sign of growth or negativity on Tuesday, as the Wall Street prepared for Trump’s decision regarding Iran. News has it that Trump will pull out the US from the Iran nuclear deal, which was signed 3 years ago.
Amongst the stocks that showed little or no signs of change was the Dow Jones industrial average, which traded a little below break even, while on the other hand Verizon was a bad-performing stock. Moreover, the S&P 500 dropped by 0.1 percent, as the utilities declined by 1.5 percent. Also, the Nasdaq composite was also slightly lower.
Trump announced at 2pm ET that it would decide whether the US would waive the oil export sanctions on Iran or not. In 2015, Obama signed a deal with the Middle East to defer these sanctions, whereas Iran sort of curbed its nuclear program.
As of now, there are many different options available for Trump and the market is quite interested in finding out which route he takes. According to Quincy Krosby, the chief market strategist of Prudential Financial, this would show how Trump deals and handles the other foreign policy matters as well such as those of North Korea.
Previously, Trump has time and again threatened to withdraw the US from Iran deal unless and until it partners with the Europe to make things better and also to see the shortcomings of the agreement. Moreover, despite the fact that the US did pull out, President of Iran, Hassan Rouhani also stated that Iran would counter any move that is made by Trump when it comes to this deal.
Things remain mixed but the stock market remained little or not unchanged. Moreover, the US treasury yields were a little higher on Tuesday, as the dollar increased by 0.4 percent against the major basket of currencies. Moreover, the crude prices also dropped before the announcement whereas the West Texas Intermediate futures were trading 1.3 percent lower, at a price of $69.82 per barrel.