Stocks end lower on Middle East tensions and skepticism over US-China trade deal, with most sectors declining. Economic data shows lower than expected inflation. Asia markets also down, led by losses in Japan and Australia. European stocks also lower, while oil and metal prices rise due to safe-haven demand. US futures and dollar decline.
Crude oil futures pulled back below the $68-a-barrel mark after jumping about 5% in the New York session on Wednesday amid escalating geopolitical tensions between the U.S. and Iran.
After announcing sizable tariff rates for trading partners in early April, the Trump administration put on hold the implementation of much of the levies, except for a baseline 10% rate.
When asked about the bill resulting in a potential deficit increase of $2.4 trillion over the next decade, Bessent refrained from providing details but said the Trump administration’s proposal would result in “smart spending.”
