The S&P 500 Index ($SPX) (SPY) today is down -0.07%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.03%. June E-mini S&P futures (ESM26) are down -0.08%, and June E-mini Nasdaq futures (NQM26) are down -0.04%.
Stock indexes are trading lower as peace talks with Iran remain in limbo. The US and Iran are locked in a battle for control of the Strait of Hormuz, with both sides blocking the waterway to gain leverage during an extended ceasefire. The US said it was waiting for a response from Iran before peace talks could restart, and Iran said it will not resume negotiations while a US naval blockade on its ports is in place. Higher crude oil prices are raising inflation expectations and pushing bond yields higher, with the 10-year T-note yield climbing to a 1.5-week high of 4.34%.
