Stock Market Today: Dow Hits Record, S&P 500, Nasdaq Slip as Iran Deal Doubts Grow and Fed Decision Looms

💡 The Dow hit a record high, but the S&P 500 and Nasdaq slipped as doubts grow about the Iran deal and the Fed's upcoming decision.

The Dow Jones Industrial Average hit a record high on Wednesday, but the broader market was mixed as doubts grew about the Iran nuclear deal and the Federal Reserve's upcoming decision on interest rates.

The Dow's record close was led by $AAPL, which rose 2.5% to $185.50, as the tech giant's stock continues to benefit from its dominance in the smartphone market.

Market Reaction to Iran Deal

The Iran deal has been a major source of uncertainty for markets in recent weeks, and Wednesday's developments only added to the volatility.

$SPY, the popular SPDR S&P 500 ETF, fell 0.5% to $442.50, as the broader market struggled to find direction.

The Nasdaq Composite Index, which is heavily weighted towards tech stocks, slipped 0.8% to 14,800, as the sector struggled to overcome the uncertainty surrounding the Iran deal.

Fed Decision Looms

The Federal Reserve's upcoming decision on interest rates has also been a major source of uncertainty for markets, and Wednesday's developments only added to the tension.

The 10-year Treasury yield, which is closely watched by markets as a guide to interest rates, rose to 4.2% on Wednesday, its highest level since October 2023.

$TLT, the popular iShares 20+ Year Treasury Bond ETF, fell 1.2% to $133.50, as bond traders repriced the timing of the first rate cut from March to June.

Market Outlook

The market outlook remains uncertain, and investors will be watching closely for any signs of a breakthrough in the Iran deal or a clear signal from the Fed on interest rates.

The Dow's record close is a positive sign, but the broader market's mixed performance suggests that there is still a lot of uncertainty out there.