00:00The Dow and S&P 500 indexes closed lower on Thursday, August 6, pausing after a strong start to the
00:06week
00:06as investors digested the latest round of corporate earnings and looked for signs of progress toward a peace deal between
00:13the U.S. and Iran.
00:14A robust earnings season which has tempered some concerns about the massive spending by AI-related companies
00:20and growing optimism over the potential and of hostilities in the Iran war helped propel both the Dow industrials and
00:26S&P 500 to record highs earlier this week.
00:31All prices rose with U.S. crude settling up 2.75 percent at $77.29 a barrel and Brent settling
00:40at $82.49 per barrel up 3.83 percent.
00:44Iran's semi-official Fars News Agency reported that an Iranian parliamentary committee is reviewing a preliminary bill
00:52that would bar U.S., Israeli and other hostile vessels from transiting the Strait of Hormuz.
00:58The fact that the war in Iran has gone on, I think, longer than anybody anticipated.
01:03There's been a lot of risk on, risk off sentiment, which the market is now kind of dulled by.
01:08And the reality is we're starting to see inflation look a little bit more sticky, which, of course, is no
01:13surprise as this drags on.
01:15And that's part of the price resetting exercise, too, is all of a sudden, coming into this year, people were
01:23talking about rate cuts, and now it's completely inverted.
01:25And a lot of participants are looking at the likelihood of rate increases.
01:30The S&P 500 lost 13.59 points to end at 7,709.96 points, while the Nasdaq Composite lost
01:3815.08 points to 26,348.45.
01:43The Dow Jones Industrial Average fell 464.02 points to 53,885.1.
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