Tensions between Iran and the U.S. eased for the time being.

Posted on January 9, 2020

Wall Street is coming off a solid performance on Wednesday that led the Nasdaq Composite to intraday and closing record highs. The S&P 500 also posted an intraday all-time high after President Donald Trump said Iran appeared to be “standing down” after firing a barrage of missiles at military bases housing U.S. troops in Iraq.

The attack was in retaliation for the U.S. killing of Iranian Gen. Qasem Soleimani. Trump also suggested the U.S. would be open to negotiations with the Islamic Republic.

Crude prices traded just below $60 per barrel on Thursday, well below their recent highs of more than $65 per barrel. The move towards safe haven assets such as gold and Treasurys has also reversed. Gold futures are trading off a near seven-year high while the 10-year Treasury yield was at 1.87%. Earlier in the week, the benchmark rate broke below 1.8%.