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(Bloomberg) — A rally that drove stocks to a series of all-time highs took a breather as traders weighed prospects for an agreement that would end the war that has roiled financial markets around the world.
Signs of exhaustion emerged in the advance from war-fueled lows, with the S&P 500 halting an eight-day winning run. US crude wavered around $92. Treasuries barely budged ahead of this week’s first batch of jobs data that could cement the case for the Federal Reserve to leave rates higher for longer. Bitcoin dipped below $70,000 for the first time in almost two months.
The US and Iran started a ceasefire on April 8, though they’ve skirmished since then and are yet to finalize the details of the memorandum of understanding, which is meant to extend the truce by around two months and lead to the lifting an American blockade of ports.
President Donald Trump is still optimistic the US can reach an interim peace deal with Iran soon, after the Islamic Republic threatened to suspend talks because of Israel’s escalating attacks in Lebanon. Officials in Tehran are discussing their “final text” to send to the US, Iran’s Mehr news agency reported on Tuesday.
