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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.
Continue reading for more on today's market, including:
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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