The Dow Jones Industrial Average declined 189.40 points, or 0.36%, to 52,297.09. The S&P 500 shed 26.98 points, or 0.35%, to 7,592.40, while the Nasdaq Composite dropped 100.10 points, or 0.39%, to 25,366.09.

Oil futures rose $2.21, or 2.6%, to $88.74 a barrel in New York. President Trump said the U.S. no longer needed a deal with Iran, dimming hopes for a negotiated solution to the conflict that had emerged after the election.

Treasury yields climbed. The two-year yield rose 0.137 percentage point to 4.862%, and the 10-year yield gained 0.114 percentage point to 5.102%, its highest level since Oct. 21. The 30-year yield advanced 0.084 percentage point to 5.433%, recording its largest two-day increase since April 9, 2025.

The U.S. Dollar Index continued to reach new 52-week highs amid expectations of a rate hike in December. Gold futures, which are sensitive to moves in the dollar, fell $113.60, or 2.9%, to $3,878.40 a troy ounce—their lowest settlement in more than a year.