The S&P 500 fell 0.6% to 7,064.05, extending its retreat from record highs as VP Vance called off his trip to Pakistan and Iran refused to attend further negotiations. Oil surged above $100 intraday before Trump’s after-hours ceasefire extension knocked Brent back below $100 — WTI settled at $92.13 (+2.8%) and Brent near $95. The 10-year Treasury yield rose 6 basis points to 4.31% as Warsh’s hawkish testimony — calling for a new inflation framework and “regime change” in policy conduct — crushed rate-cut expectations to just a 30% chance before January. Apple shed 2.5% on news Tim Cook will step down as CEO in September, replaced by hardware chief John Ternus. US retail sales surged 1.7% in March, with gasoline station receipts jumping 15.5% — masking weaker underlying demand. ASX 200 futures point to 8,915 (-63 pts / -0.70%), with Axios reporting Iran’s Supreme Leader Khamenei is expected to respond to the latest proposals on Wednesday.

The S&P 500 fell 0.6% to 7,064.05, the Nasdaq slipped 0.6% to 24,259.96 and the Dow dropped 0.6% to 49,149.60 — a second straight decline from record highs, with 10 of 11 S&P sectors lower and only energy advancing.

Trump extended the US-Iran ceasefire indefinitely after the bell, citing Iran’s “seriously fractured” leadership, but maintained the Hormuz blockade; Vance’s Pakistan trip was called off after Iran refused to attend talks.

WTI rose 2.8% to $92.13 and Brent settled near $95 after touching $100 intraday; spot gold fell 3.0% to $4,677.24 as the dollar strengthened and yields surged on Warsh’s hawkish testimony.

Fed chair nominee Kevin Warsh called for “regime change” at the central bank and a new inflation framework, sending the 10-year yield up 6 bps to 4.31% and cutting rate-cut odds to 30% before January.

Apple fell 2.5% as Tim Cook announced he will step down as CEO on September 1 in favour of hardware chief John Ternus; Amazon invested an additional $5 billion in Anthropic; Deutsche Telekom is weighing a full T-Mobile merger.

ASX 200 futures fell 63 points to 8,915 (-0.70%); BHP, South32 and Paladin Energy report Wednesday; Axios says Iran’s Supreme Leader Khamenei expected to respond to proposals on Wednesday.