Stocks take a breather on Iran deal doubts

Wednesday’s euphoria evaporated on Thursday as doubts resurfaced over the US–Iran peace proposal. The S&P 500 fell 0.4% to 7,335.66, the Dow dropped 0.6%, and oil whipsawed wildly — WTI briefly dipped below $90 before recovering to $95.47 as Iran’s state TV reported the US attacked an Iranian tanker and was “hit back by missiles.” An Iranian official called the US peace plan an “unrealistic” wish list, while Saudi Arabia and Kuwait quietly lifted restrictions on US military use of their bases. A $7 billion insider trading scandal in oil markets emerged. US job cuts surged 38% in April with tech leading layoffs. ASX 200 futures are down 152 points, or 1.7%.