Markets
Trump says Iran war will end soon, with or without a deal
President Trump said Sunday the U.S. has won in Iran and the war will end soon, with or without a deal. Stock futures rose and oil prices fell in evening trading.
Quick Read
- President Trump said Sunday the U.S. has won in Iran and the war will end soon, with or without a deal.
- Stock futures rose and oil prices fell in Sunday evening trading, according to reports.
- Iranian state media reported that oil tankers struck a naval mine in the Strait of Hormuz, and Iran's foreign minister said its forces are on high alert.
- Lower oil prices could ease fuel costs, though much may depend on whether a deal emerges.
What did President Trump say?
President Trump said Sunday that the U.S. has already won the war in Iran. He said the conflict will end soon. That could come through a deal with Tehran, or with the U.S. ending it on its own terms.
Why it matters: He spoke to Right Side Broadcasting Network before a campaign rally in Iowa. "Either they'll make a deal, or we'll just end it," he said. The remarks came ahead of Tuesday's midterm elections.
How did markets react?
Stock futures rose and oil prices fell in Sunday evening trading, according to reports. Futures are contracts that trade outside regular hours. They often give an early read on how the next session may open.
The moves followed a weak Friday for stocks. The S&P 500 slid 1.8% to 7,580.07. The tech-heavy Nasdaq-100 tumbled 3.5%. The energy sector fund (XLE) rose 1.9% that day.
Early futures moves can fade or reverse once regular trading begins. Oil prices may stay sensitive to any news on talks.
What could stand in the way of an end to the war?
Reports from Iran point to continued risk. Iranian state media reported Sunday that the Revolutionary Guard navy said oil tankers struck a naval mine. It said the ships were on an unauthorized route through the Strait of Hormuz, a key shipping lane for oil.
The same report said a supertanker was left on fire. Separately, Iran's foreign minister said his country is ready for any outcome. He said its forces are on their highest alert.
Whether a deal emerges, and whether tankers can pass the strait safely, could shape how long any drop in oil prices lasts.
What comes next?
What’s next: Voters go to the polls in Tuesday's midterm elections. A new NBC News poll showed Democrats ahead of Republicans among registered voters on which party should control Congress.
Apple (Nasdaq: AAPL) reports quarterly results after the close on Monday, and other large companies report later in the week. The October jobs report is due Nov. 6 at 8:30 a.m. ET. The October consumer price index, the main monthly inflation report, follows on Nov. 10 at 8:30 a.m. ET.
For readers
What it could mean for you: Drivers and households that heat with oil could feel this story most directly. Gasoline and heating-oil prices tend to follow crude oil, with a lag. If the drop in oil prices seen in Sunday evening trading holds, pump prices may ease over the following weeks. If talks stall or more tankers are hit near the Strait of Hormuz, crude could climb again, and fuel costs might follow. The October inflation report on Nov. 10 may show how much fuel has weighed on household budgets.
Questions and answers
What did Trump say about ending the Iran war?
Speaking Sunday before a campaign rally in Iowa, President Trump said the U.S. has already won in Iran. He said the war will end soon, either through a deal with Tehran or with the U.S. ending it on its own.
How did oil and stock futures react to Trump's Iran comments?
Oil prices fell and stock futures rose in Sunday evening trading, according to reports. These were early moves before regular trading, and they may not last.
Could the end of the Iran war lower gas prices?
It could. Gasoline prices tend to follow crude oil with a lag, so a lasting drop in oil may ease pump prices over time. Much may depend on whether a deal emerges and on shipping through the Strait of Hormuz.
What are the next big events for markets this week?
Apple reports quarterly results after the close on Monday, and the midterm elections are on Tuesday. The October jobs report is due Nov. 6 at 8:30 a.m. ET.
The numbers
| Apple (AAPL) price | $344.63 |
|---|---|
| Apple (AAPL) change | −1.23% |
| Apple (AAPL) market value | $5 trillion |
| Apple (AAPL) 52-week high | $348.91 |
| S&P 500 change | −1.82% |
| 10-year Treasury yield | 4.94% |
Friday’s close
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