With all eyes on a potential deal to reopen the Strait of Hormuz, markets traded mixed for most of the day. The Dow (DIA) finished with a 464-point loss, snapping a five-day win streak, after a plan to reopen the Strait of Hormuz will reportedly ban U.S. movement. The S&P 500 (SPY) and Nasdaq (QQQ) traded on both sides of the aisle throughout the session but ultimately finished lower, with SanDisk (SNDK) sparking a memory stock selloff.
The small cap Russell 2000 (RUT) extended yesterday's pullback, but remained above the key 3,000 level, while the Cboe Market Volatility Index (VIX) logged its lowest close since July 10.
Gold, Oil Climb Amid Iran Updates
Oil prices climbed after Iran issued a restrictive draft plan for reopening the Strait of Hormuz. September-dated West Texas Intermediate (WTI) crude finished 2.8% higher to settle at $77.29 per barrel.
Gold prices continued to add to its recent gains, now sitting near seven-week highs as inflation fears eased. August-dated gold futures added 0.6% to settle at $4,330.20 per ounce.
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