The S&P 500 fell 0.26% to close at 7,386.65, while the Nasdaq Composite dropped 0.97% to 25,678.82. The Dow Jones Industrial Average outperformed the broader market, gaining 86.10 points, or 0.17%, to finish at 50,872.11.
Markets had opened higher after oil prices declined on growing hopes that hostilities involving the United States and Iran could ease. However, weakness in technology stocks later weighed on sentiment, particularly after a sharp one-day rally in chipmakers lost steam.
Commodity markets also reacted with Gold prices falling 1.76% to $4,286.40 an ounce, marking their lowest closing level since December 10, 2025. The precious metal has now declined more than 18% since the Iran conflict began, as investors reduced demand for safe-haven assets.
Silver also came under pressure, falling 4.88% to $65.24 an ounce, its lowest settlement since December 18, 2025.
Oil prices continued to retreat, with Brent crude trading around $91 a barrel. US Energy Secretary Chris Wright said oil shipments through the Strait of Hormuz are expected to continue increasing despite recent disruptions linked to the conflict. The narrow waterway is one of the world’s most important routes for global energy supplies.
Meanwhile, fresh data pointed to strength in the US housing market.
Existing home sales rose 3.2% in May to a seasonally adjusted annual rate of 4.17 million units, according to data released by the National Association of Realtors. The figures exceeded economists’ expectations for a 0.7% increase and annual sales of 4.05 million homes.
The median home sale price reached a record $429,300, up 1.3% from a year earlier. Despite higher prices, affordability improved slightly as home price growth remained below the broader rate of inflation.
(Edited by : Ajay Vaishnav)
