U.S. stocks open lower ahead of Trump's Iran nuke deal decision

Updated 2018-05-08 23:16:07 Xinhua

U.S. stocks opened lower on Tuesday as Wall Street awaited U.S. President Donald Trump's decision on the Iran nuclear deal.

Trump said Monday that he would announce his decision on the Iran nuclear deal on Tuesday afternoon.

Trump has lambasted the deal as a "disaster," noting the United States should not have entered into the deal in the first place.

Analysts warned that Washington is highly likely to leave the multilateral Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015.

Some traders pointed out that if Trump reneges on the deal, then oil prices could spike which would impact companies' earnings.

Federal Reserve Chairman Jerome Powell was also in focus, who reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.

Shortly after the opening bell, the Dow Jones Industrial Average fell 46.99 points, or 0.19 percent, to 24,310.33. The S&P 500 lost 4.66 points, or 0.17 percent, to 2,667.97. The Nasdaq Composite Index was down 12.40 points, or 0.17 percent, to 7,252.82.

On Monday, U.S. stocks extended gains as investors continued to digest the country's April jobs report amid rising oil prices.

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