S&P 500 Ends Marginally Lower as Iran War Risk Outlasts UNGA Diplomacy

📉 MARKETS — S&P dips as war premium outlasts every UNGA headline. 📌 LOOK CLOSER: Neither panic nor confidence — investors are pricing a conflict with no exit date. Hormuz transit volumes showed no recovery despite UNGA shuttle talks; that gap now appears in equities. Ceasefire talks stalled, Houthi insurance costs trap Saudi barrels onshore. War-risk discount is being treated as structural. Watch energy and defense rotation as the tell.