Selloff in Stocks Gains Speed on Ceasefire Doubts: Markets Wrap

Skepticism that the US and Iran will reach a ceasefire any time soon pushed oil higher while sending stocks and bonds down, extending a month of volatile trading since the war began.

After briefly trimming losses when Iran reiterated its terms for a deal, the S&P 500 fell 1.7% as President Donald Trump said he wouldn’t commit to an agreement. The equity gauge hit its lowest since September. Brent settled around $108. Higher energy prices stoked fears about inflation, deepening a decline in Treasuries, which also dropped amid a lackluster US sale of notes.