Stock Rally Wavers as Traders Await US-Iran Update: Markets Wrap

A rally that drove stocks to all-time highs wavered as traders awaited updates on a potential US-Iran peace deal that would reopen energy flows through the key Strait of Hormuz.

Following the biggest equity advance in a month, the S&P 500 fluctuated while still remaining on track for its sixth consecutive week of gains. US crude dropped to around $91 a barrel on mounting confidence that an agreement in the Middle East is within reach. As concerns over inflationary pressures receded, Treasury yields continued to edged lower. Gold rose.