US close: Markets mixed as Trump pulls US out of Iran nuclear deal
Wall Street finished a mixed bag on Tuesday, as US President Donald Trump announced he had decided to pull out of the Iran nuclear deal.
Dow Jones I.A.
37,793.01
04:30 15/10/20
Nasdaq 100
17,238.78
04:55 25/04/24
The Dow Jones Industrial Average eked out gains of 0.01% at 24,360.21, while the S&P 500 fell 0.03% to 2,671.92 and the Nasdaq 100 lost 0.09% to 6,815.48.
Trump made a statement on Tuesday afternoon Washington time, confirming he was pulling America out of the deal struck between Iran and the Obama administration, and reimposing former sanctions on the Middle East state.
It was a fulfilment of one of his election promises from the controversial 2016 campaign.
In a joint statement released quickly on Tuesday evening, Britain, France and Germany expressed condemnation of the move from the White House, and reaffirmed their positions to stick to the agreement.
The three European nations said they believed it was the only way to prevent a nuclear arms race in the Middle East.
Trump had tweeted on Monday evening: "I will be announcing my decision on the Iran deal tomorrow from the White House."
That tweet itself came as somewhat of a surprise, as the White House had imposed its own deadline for a decision of 12 May.
“Oil prices have risen inexorably over recent weeks as the market has anticipated a decision by President Trump to abandon the anti-nuclear deal agreed between the west and Iran,” said Rebecca O'Keeffe, head of investment at Interactive Investor.
“Everyone has known for months that Trump was adamantly opposed to the deal, but now we will, at last, discover whether he is prepared to abandon multilateral western diplomacy in favour of a return to unilateral US sanctions.
"However, while oil is the focus of attention for markets, the prospect of increasing tensions in the region should President Trump follow through on his threats is also a concern, not least in terms of what Tehran might do in a region already beset by political risks.”
Earlier, data out of China earlier showed the country's exports bounced back in April more strongly than expected.
Exports were up 12.9% from a year earlier, beating expectations for a 6.3% jump and rebounding from a 2.7% fall in March.
On the corporate front, US-listed shares of Shire picked up 1.45% after its board agreed to a takeover offer from Japan's Takeda Pharmaceutical in a mix of cash and shares that values the biotech at roughly £46bn.
21st Century Fox reversed earlier gains to fall 0.13%, after reports that Comcast was readying an all-cash offer for Fox assets that would trump Disney's.
AMC Entertainment Holdings lost 2.33% despite better-than-expected first-quarter earnings late on Monday, and rental car company Hertz Global Holdings plummeted 18.73% after posting a bigger-than-expected quarterly loss.
Dean Foods shot up 17.05% and Valeant Pharmaceuticals jumped 8.87% by the close, after both firms reported earnings beats ahead of the open.
No major economic reports were scheduled for release on Tuesday.
Dow Jones - Risers
JP Morgan Chase & Co. (JPM) $110.99 2.36%
United Technologies Corp. (UTX) $121.78 1.91%
General Electric Co. (GE) $14.27 1.42%
American Express Co. (AXP) $99.74 1.41%
Visa Inc. (V) $129.90 1.36%
Chevron Corp. (CVX) $126.57 1.30%
3M Co. (MMM) $201.63 1.19%
Boeing Co. (BA) $338.37 1.18%
Home Depot Inc. (HD) $185.04 0.81%
Intel Corp. (INTC) $53.63 0.56%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $47.03 -2.41%
Walmart Inc. (WMT) $85.74 -2.05%
Merck & Co. Inc. (MRK) $56.76 -1.71%
Unitedhealth Group Inc. (UNH) $232.04 -1.64%
Procter & Gamble Co. (PG) $71.45 -1.37%
Coca-Cola Co. (KO) $41.81 -1.30%
Johnson & Johnson (JNJ) $122.61 -1.27%
Dowdupont Inc. (DWDP) $64.21 -1.06%
Travelers Company Inc. (TRV) $128.64 -0.82%
Walt Disney Co. (DIS) $101.79 -0.67%
S&P 500 - Risers
Jacobs Engineering Group Inc. (JEC) $62.10 9.25%
Expeditors International Of Washington Inc. (EXPD) $69.58 8.77%
Under Armour Inc. Class A (UAA) $18.32 5.53%
Range Resources Corp. (RRC) $14.36 5.43%
Northrop Grumman Corp. (NOC) $329.20 4.89%
Martin Marietta Mtrl (MLM) $213.57 4.69%
L3 Technologies Inc (LLL) $192.33 4.54%
United Rentals Inc. (URI) $159.33 3.98%
Raytheon Co. (RTN) $210.37 3.87%
Morgan Stanley (MS) $53.38 3.85%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $9.78 -7.39%
Henry Schein Inc. (HSIC) $71.08 -6.80%
Comcast Corp. (CMCSA) $30.59 -5.56%
DENTSPLY Sirona Inc. (XRAY) $44.47 -5.22%
PPL Corp. (PPL) $27.44 -5.22%
AES Corp. (AES) $11.73 -4.87%
Mosaic Company (MOS) $26.10 -4.85%
Macy's Inc. (M) $29.77 -4.71%
PG&E Corp. (PCG) $42.77 -4.70%
Spectra Energy Corp. (SE) $10.37 -4.16%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $263.09 3.62%
Microchip Technology Inc. (MCHP) $90.65 2.15%
Marriott International - Class A (MAR) $139.31 1.95%
Ross Stores Inc. (ROST) $80.84 1.76%
Applied Materials Inc. (AMAT) $53.45 1.64%
Adobe Systems Inc. (ADBE) $234.56 1.55%
Ctrip.Com International Ltd. Ads (CTRP) $42.67 1.52%
Shire Plc Ads (SHPG) $163.73 1.45%
Paypal Holdings Inc (PYPL) $75.72 1.41%
Skyworks Solutions Inc. (SWKS) $96.62 1.34%
Nasdaq 100 - Fallers
Dish Network Corp. (DISH) $29.81 -12.06%
Henry Schein Inc. (HSIC) $71.08 -6.80%
Comcast Corp. (CMCSA) $30.59 -5.56%
Liberty Global plc Series A (LBTYA) $31.15 -5.35%
DENTSPLY Sirona Inc. (XRAY) $44.47 -5.22%
JD.com, Inc. (JD) $36.94 -4.60%
Cognizant Technology Solutions Corp. (CTSH) $75.55 -2.97%
Alexion Pharmaceuticals Inc. (ALXN) $114.95 -2.92%
Charter Communications Inc. (CHTR) $271.01 -2.55%
Express Scripts Holding Co (ESRX) $68.12 -2.25%