Markets slip lower on rumors of progress for Iran nuclear talks

Dow dropped 267 (at session low with selling in the last hour), advancers over decliners about 5-4 & NAZ pulled back 75.  The MLP index fell 1+ to the 189s.  Junk bond funds did little & Treasuries saw limited selling.  Oil fell to the 55s on rumors about Iran nuclear talks & gold crawled up 2 to 1869.

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Covid case counts are declining by 5% or more in nearly every state,  Johns Hopkins University data shows, as nationwide levels of infections and deaths continue their downward trends.  An average of about 1.8M vaccinations are being done in the US each day over the past week, according to federal data, & 47.5% of the population has received at least one vaccine dose.  The country is reporting an average of about 32K daily infections over the past 7 days, down significantly from mid-Apr levels of more than 71K daily cases.  That 7-day average of 32K is the lowest since late Jun.  The latest 7-day average of daily US Covid deaths is 587, down 8% from one week ago..

Covid cases dropping by 5% or more in nearly every U.S. state, vaccinations fall

Oil futures settled with a loss after a tweet from BBC Persia implied that progress had been made in the Iran nuclear talks & said that important news regarding the talks would be announced by tomorrow.  Mikhail Ulyanov, Russia's envoy to the United Nations Security Council, tweeted that "significant progress" has been achieved, but "unresolved issues still remain."  US oil prices had finished yesterday at their highest in over 2 years, but the price rise has now been slowed in part by the Iranian talk rumors.  Jun West Texas Intermediate crude fell 78¢ (1.2%) to settle at $65.49 a barrel.

U.S. oil prices end lower, down from 2-year highs, on potential progress in Iran nuclear talks

The Dow chart below show it has been trending sideways for more than a month.  with late day selling, the Dow held above 34K at the close.  With all that is going on currently, not much change is expected in the short run.

Dow Jones Industrials