Traders work on the floor of the New York Stock Exchange. <\/p>\n
NYSE<\/p>\n
The S&P 500<\/a> fell on Tuesday, bogged down by key technology stocks, as hopes among investors that the the Strait of Hormuz would reopen faltered, exacerbating lingering doubts that the U.S. and Iran can reach a broader resolution to the conflict.<\/p>\n The broad market index lost 0.32%, dropping for a second day and closing at 7,728.20. The Nasdaq Composite<\/a> fell 0.60% to 26,445.45. The Dow Jones Industrial Average<\/a> shed 184.13 points, or 0.34%, to end at 53,791.85.<\/p>\n Communication services was the leading S&P 500 laggard, falling more than 2% as Alphabet<\/a> and AppLovin<\/a> shares dropped 3.8% and nearly 6%, respectively. Alphabet shares have been under pressure recently, notching their fourth losing session in five, since Google announced last week that it’s reshuffling its artificial intelligence divisions<\/a>.<\/p>\n Information technology was another sector in the red. Nvidia<\/a> shares gave up their morning gain<\/a> to close just below the flatline, even after the chipmaker on Monday said it’s partnering with six large asset managers to mobilize more than $500 billion for artificial intelligence infrastructure. Apple<\/a> shares were also weak, dropping more than 1%.<\/p>\n The moves come as oil prices rose<\/a> amid uncertainty over the Middle East conflict, with the secretary of Iran’s Supreme National Security Council reiterating that the strait would not reopen until its conditions have been met, per Reuters. U.S.\u00a0West Texas Intermediate\u00a0futures<\/a>\u00a0closed up 1.3% at $83.20 a barrel. International benchmark\u00a0Brent crude<\/a>\u00a0gained about 1.4% to $88.91 a barrel.<\/p>\n Iranian Foreign Minister Abbas Araghchi had said earlier this week there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim News Agency.<\/p>\n However, investors took comments from Pakistani Defense Minister Khawaja Asif\u00a0as a positive signal Tuesday. In an interview with Bloomberg News<\/a>, the official said that “things are shaping up again in favor of a peace arrangement or a deal.”<\/p>\n