Stocks finished lower across the board once again, the broader market unable to build on early morning reports that the U.S. and Iran were close to a resolution. Instead, Iran's Supreme National Security Council reiterated that the Strait of Hormuz will remain closed unless the U.S. 'changes its behavior' and accepts Tehran's conditions. A Big Tech rotation led by Alphabet (GOOGL) also dented investor sentiment, with the Dow and Nasdaq suffering triple-digit drops. Elsewhere, existing home sales showed a second-straight monthly drop in July, as prices and borrowing rates continued to rise.
Crude Continues Climb Amid Iran Demands
Oil prices continued their run higher after Iran said it will not reopen the Strait of Hormuz until the U.S. agrees to its conditions. September-dated West Texas Intermediate (WTI) crude finished 1.3% higher to settle at $83.20 per barrel.
Just ahead of tomorrow's inflation data release, gold futures are remaining steady. August-dated gold futures added 0.2% to settle at $4,430.20 per ounce.
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