Iran jitters, rising interest rates take steam out of stock rally
Up more than 1% at its best levels on Monday, the Nasdaq steadily lost ground throughout the afternoon hours, closing roughly unchanged for the day.
The S&P 500 fell 0.15%, and the DJIA dropped 0.6%.
The rally began early in the morning as oil dipped by about $3 per barrel to below $80 on a report that Iran was seeking to renew ceasefire talks.
That report failed to have legs, though, with WTI crude rising back to about one-month highs of $82.50.
Alongside, the 10-year U.S. Treasury yield gained five basis points to 4.59%, with short-term rate traders ratcheting up July Fed rate hike odds to 16% and September rate hike odds to 63%, according to CME FedWatch .
The risk selloff dented bitcoin’s tepid rally to a new one-month high of $65,700, the price falling back to $65,000 as stocks closed for the day.
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