Quick overview

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The Nasdaq Composite is leading losses in New York, as markets grow increasingly skeptical about negotiations between the U.S. and Iran.

Major Wall Street indexes are trading lower this Tuesday, as renewed uncertainty over a potential de-escalation in the Middle East weighs on sentiment, despite Donald Trump delaying planned strikes on Iran’s power infrastructure.

In this context, the tech-heavy Nasdaq is down 0.7%, followed by the S&P 500 (-0.3%) and the Dow Jones Industrial Average (-0.2%). The Russell 2000, which tracks small-cap U.S. companies, is also in negative territory, falling 0.5%.

In recent hours, Trump postponed the offensive, citing “productive talks” with Iranian officials on Monday. However, Tehran denied that any negotiations with the United States are taking place. Israeli officials also suggested that while Trump is seeking a deal with Iran, the chances of successful talks remain low, according to Reuters.

This backdrop comes after U.S. equities rallied more than 1% on Monday—their strongest daily gain since February 6. However, momentum faded as uncertainty surrounding the conflict persisted. “It’s like whiplash. You wake up every morning wondering what comes next. Investors are still facing a wide range of possible outcomes, and much depends on timing,” said Christopher O’Keefe, managing director and lead portfolio manager at Logan Capital Management.

Precious metals rise as oil approaches $100

The decline in equities has been accompanied by gains in precious metals. June gold futures are up 0.3% to $4,449.81 per ounce, while May silver rises 1% to $70.045 per ounce. Platinum is also higher (+1.3%), while palladium slips 0.6%.

The Middle East conflict has pushed oil prices higher, reigniting inflation concerns and complicating the outlook for central banks. The Federal Reserve maintained a hawkish stance last week and now projects just one rate cut in 2026.

U.S. crude West Texas Intermediate is up 3.3% on the session at $90.9 per barrel, while Brent crude rises 2.5% to $98.4.

In line with this shift, money markets are no longer pricing in rate cuts for this year, compared with expectations of two cuts prior to the escalation of the conflict. Expectations for rate hikes briefly increased last week amid rising tensions but quickly faded following Trump’s remarks on Monday, according to CME’s FedWatch tool.