U.S. crude falls to pre-Iran conflict levels while gold drops sharply, but equities show muted gains ahead of Alphabet joining the Dow.
Oil prices plunged below $70 per barrel for the first time since late February, as tanker traffic resumed through the Strait of Hormuz following U.S.-Iran negotiations. The United States Oil Fund fell 4%, extending losses after a 60-day framework agreement was announced last week.
Gold also retreated, with the SPDR Gold Shares fund dropping over 2.5% as demand for safe-haven assets waned. Meanwhile, major U.S. stock indexes posted modest gains, with the Dow, S&P 500, and Nasdaq up around 0.4% midday before a late-session uptick.
The Dow Jones Industrial Average will add Alphabet, marking a notable shift in its composition. Amazon’s 3% rise, driven by updates to its Zoox robotaxi, contributed to the broader market’s slight gains.