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Stocks and bonds rose while oil fell as traders weighing the viability of US-Iran ceasefire talks sent markets to a series of big swings.
The S&P 500 added about 1% as efforts by the US to end the war gathered pace, eclipsing news that Iran rejected a US ceasefire proposal and maintained attacks on Israel and Gulf Arab states. Brent dropped to around $100. Treasuries pared this month’s losses.
President Donald Trump has been pushing for talks with Iran in a bid to halt the fighting, with the US compiling a 15-point peace proposal, according to people familiar with the matter. Yet those efforts have been clouded by uncertainty over the structure of negotiations and how any deal would be arranged.
Meanwhile, Tehran keeps signaling little willingness to compromise. A move by the US to start indirect talks is illogical and not viable at this stage of the conflict, Iran’s semi-official Fars news agency reported on Wednesday, citing informed sources it didn’t identify.
“Markets are positioning for a conflict resolution, despite lingering strategic ambiguity,” said Elias Haddad at Brown Brothers Harriman & Co. “Ultimately, Iran’s response to the US de-escalation pivot will decide whether peak fear is behind us or still ahead.”
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