The S&P 500 ended lower on Wednesday after U.S. President Donald Trump said an interim deal aimed at ending the war with Iran was “finished,” while Broadcom gained in chip stocks that had recently soured.

Speaking at a NATO summit in Turkey, Trump said he had no interest in further negotiations with Iran and warned that Washington would launch additional strikes on Wednesday night.

Trump’s comments marked the latest setback in back-and-forth talks that have vacillated between threats of escalation and hopes for diplomacy, putting investors on the wrong foot with several false starts toward a peace deal.

“Duration is key here. How long does this last?” said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. “If we see damage to Iranian infrastructure, the market will have to respond to that more seriously because of the possibility of Iranian retaliation.” AI heavyweights Microsoft, Amazon and Alphabet each fell, weighing on the S&P 500. Broadcom benefited after Apple said it plans to spend more than $30 billion as part of a chip-supply agreement with the chipmaker earlier this week.

B. “Anytime you get an announcement from Apple about using your devices, it’s very positive — especially when you have 2.5 billion Apple devices in the hands of people around the world,” said Art Hogan, chief market strategist at Relay Wealth. Nvidia rose after information reported that China plans to allow its top AI firms to buy a limited number of the company’s H200 chips.

According to preliminary data, the S&P 500 fell 22.57 points, or 0.30%, to close at 7,481.28 points, while the Nasdaq Composite gained 52.52 points, or 0.19%, to close at 25,868.29. The Dow Jones Industrial Average was down 592.43 points, or 1.12%, at 52,332.72.

Oil prices jumped following Trump’s comments, with Brent crude futures settling up 5.2%. Treasury yields also rose as the sell-off spread to bonds.

Despite a sharp decline since the Middle East war began, the latest escalation in the conflict threatens to destabilize the equity rally that has carried the benchmark S&P 500 up nearly 9% so far this year.

A renewed surge in oil prices could reignite inflation concerns and further complicate the Federal Reserve’s path. Energy price-sensitive travel stocks fell as higher oil prices raised concerns about fuel costs and demand. United Airlines and Delta Airlines both lost ground.

Cruise operators also slipped, with Carnival and Norwegian Cruise Line both down.

The International Monetary Fund on Wednesday once again cut its 2026 global growth forecast to 3%, warning of risks posed by war in the Middle East.

Inflation worries rose at the US central bank’s meeting last month, as officials followed a more stripped-down policy statement from Federal Reserve Chairman Kevin Warsh, minutes of the session showed on Wednesday.

According to CME’s FedWatch, traders could see a potential rate hike by the Fed’s December meeting.