Trump declared negotiations effectively 'over,' sending the Dow down 575 points while oil prices surged on renewed geopolitical anxiety. US stocks sold off sharply on July 8 after President Donald Trump said he believed negotiations with Iran were effectively “over.” The Dow Jones Industrial Average dropped 575 points, roughly a 1% decline, while the S&P 500 and Nasdaq each fell 0.2%. Oil prices, predictably, moved in the opposite direction. That waterway handles roughly a fifth of the world’s oil supply.