Stocks Pare Drop on Hormuz Hopes as War Drags On: Markets Wrap

Wall Street traders grappling with a range of possible outcomes for the war in Iran drove stocks away from session lows amid hopes for talks to end a conflict that kept dragging on. Oil rose. Bonds fell.

The S&P 500 pared a drop that earlier approached 1%. President Donald Trump signaled that Iran had offered a “present” as a show of good faith in negotiations, noting it was related to Strait of Hormuz flows. The US and regional mediators are discussing the possibility of holding high-level peace talks as soon as Thursday, but await a response from Tehran, Axios reported.