U.S. Strikes Respond to Attacks on Shipping; Trump Keeps Diplomatic Channels Open

President Donald Trump declared the ceasefire with Iran over after the United States conducted military strikes on Iran in response to attacks on three commercial ships in the Strait of Hormuz. Trump made the comments on the sidelines of the two-day NATO summit in Ankara, Turkey. ” He also said he will allow talks to continue.

AP News reported that the S&P 500 fell as much as 1.1 percent before trimming its loss to 0.3 percent and closed down 21.14 points at 7,482.71. The Dow Jones Industrial Average dropped 576.76 points, or 1.1 percent, to 52,348.39, while the Nasdaq composite rose 51.96 points, or 0.2 percent, to 25,870.65.

Brent crude oil rose 5.2 percent to $78.02 per barrel and briefly topped $80, according to AP News.

That price remained below the nearly $120 level reached earlier in the war with Iran. AP News also reported that the 10-year Treasury yield closed at 4.57 percent after briefly approaching 4.60 percent. Germany’s DAX index fell 2.2 percent and France’s CAC 40 index fell 2.2 percent.

South Korea’s Kospi index dropped 5.3 percent while Hong Kong’s Hang Seng index rose 3 percent. Shares of Chinese AI startup Zhipu rose 13.4 percent in Hong Kong trading, AP News reported. The company’s share price has risen more than 1,300 percent since its January trading debut in Hong Kong, and a six-month lock-up period for cornerstone investors expires this week.