Wall St declines as oil spikes after Trump rejects Iran peace proposal

Business Recorder reported that Wall Street's major indexes retreated on Monday as President Donald Trump turned down Iran's offer to halt the conflict. Crude oil climbed around 3 per cent to roughly $107 a barrel, reviving inflation concerns and pushing longer-dated Treasury yields to multi-decade peaks. Nvidia limited the losses with a 2.1 per cent gain after the chipmaker unveiled a $150 billion share buyback authorisation, its largest buyback increase on record.

Iran had presented its peace plan at the United Nations General Assembly in New York, sending it to the United States through Qatari mediators. Trump said on Saturday that he had turned it down, yet on Sunday he told Axios he expected negotiators to keep talking this week. Separately, the Sino-US summit ended with an agreement to cut tariffs on $60 billion of goods each country imports from the other, and a two-month extension of the trade truce to January 10.

Traders now put a 70 per cent chance on the Federal Reserve raising rates by at least 25 basis points in October, according to the CME Group FedWatch Tool. Investors are waiting for August's Personal Consumption Expenditures report on Wednesday and September's nonfarm payrolls report on Friday. Communication Services led sector losses with a 1.9 per cent drop, while Meta eased 4.3 per cent after a 13 per cent jump last week.