Standard & Poor's falls after Trump declares the Iran deal "over"
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July 8 (Reuters) - The Standard & Poor's 500 closed lower on Wednesday after U.S. President Donald Trump declared that the interim agreement aimed at ending the trade war with Iran was "over," while Broadcom led gains among recently battered chipmakers.
In a speech during the NATO summit in Turkey, Trump said he was not interested in further talks with Iran, and warned that Washington would likely launch additional attacks later that day.
Trump’s remarks marked the latest setback in the fluctuating negotiations, which have oscillated between threats of escalation and hopes for diplomacy, leaving investors bewildered by several failed attempts to reach a peace agreement.
Broadcom's stock rose after Apple announced it plans to spend more than $30 billion as part of a chip supply agreement reached earlier this week with the chipmaker.
Preliminary data indicates that the S&P 500 closed down 22.57 points, or 0.30 percent, at 7481.28, while the Nasdaq Composite rose 52.52 points, or 0.19 percent, to 25868.29. The Dow Jones Industrial Average fell 592.43 points, or 1.12 percent, to 52332.72.
Oil prices jumped following Trump's remarks, with Brent crude futures settling 5.2 percent higher. Treasury yields also rose as the sell-off spread to bonds.