Wall St declines as oil spikes after Trump rejects Iran peace proposal
Wall Street's main indexes fell on Monday after President Donald Trump rejected an Iranian proposal to end the conflict, leading to a spike in crude prices that revived inflation worries and drove Treasury yields higher. Limiting declines was Nvidia's 2.1 percent gain after the chip giant announced a $150 billion share repurchase authorization, making it the company's biggest ever increase in share buybacks on record. Iran announced a peace proposal at last week's United Nations General Assembly in New York, saying it had been relayed to the United States through Qatari mediators. While Trump said on Saturday he had rejected the offer, he told Axios on Sunday that he expected U.S.negotiators to continue talks this week. Crude prices jumped 3 percent to around $107-a-barrel and weighed on Treasuries, sending longer-dated yields to fresh multi-decade highs. "Energy has been the one consistent upward pressure on inflation, and anything that continues to put pressure on inflation is going to be something that motivates the Fed to raise rates," Art Hogan, chief market strategist at B. Riley W
Read full article
