US Equity Markets End Lower Amid Rise in Government Bond Yields Following Deadlock in US-Iran Talks

MT Newswires Live
08/19

US equity indexes ended lower Tuesday after crude oil prices rose and the 30-year government bond yield hit a 19-year high following President Donald Trump's declaration that the US is not negotiating any deal with Iran.

* "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform and claimed that the Strait of Hormuz is "New U.S. Territory."

* The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.

* US housing starts dropped 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The analyst consensus stood at 1.35 million in a Bloomberg-compiled survey.

* Pending home sales fell 2.3% in July, compared with a 4.8% drop in June, according to the National Association of Realtors. Analysts expected no change in a Bloomberg-compiled survey.

* September West Texas Intermediate crude oil rose $0.49 to settle at $84.99 per barrel, while October Brent crude, the global benchmark, was last seen up $0.10 at $90.97.

* Targa Resources (TRGP) shares were up about 7.4%, the top performer on the S&P 500, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).

* Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.3%, the second-worst performer on the Dow.

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