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Wall Street Drops Amid Oil and Yields Rise
American stocks declined today, Monday, due to rising oil prices and Treasury bond yields, amidst uncertainty about the possibility of reaching a peace agreement regarding the Iran-U.S. conflict and its impact on interest rate trajectory. After U.S. President Trump rejected an Iran-proposed peace deal, oil prices increased but pared their gains amid expectations of Qatar-mediated talks between the parties, which heightened inflation concerns. The rise in oil and diesel fuel prices pushed U.S. Treasury yields higher, while statements from Federal Reserve officials indicated the possibility of another rate hike if inflationary pressures persist. The S&P 500 fell by 59 points, the Nasdaq dropped 247 points, and the Dow Jones declined by 344 points.
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