U.S. equity and bond markets traded in a narrow range Tuesday, as traders wrestled with the looming Iran deadline announced by former President Donald Trump. The lack of clear direction kept the S&P 500 hovering near recent highs while Treasury yields slipped, reflecting a cautious tone across risk‑on and risk‑off assets. U.S. markets remain indecisive.

The deadline, set for the end of the month, signals a potential reset of U.S.-Iran nuclear talks that could reshape geopolitical risk premiums. Energy traders have already priced in a modest oil price bounce, while technology stocks remain defensive, wary that any escalation could trigger broader market sell‑offs.

Investors are trimming exposure to high‑beta sectors, shifting toward dividend‑yielding utilities and consumer staples that tend to hold value during diplomatic uncertainty. Fixed‑income desks report modest inflows into short‑duration Treasuries, a move that typically cushions portfolios if sanctions tighten or negotiations stall.

With the clock ticking, market participants will monitor any official statement from the White House for clues on whether the deadline will be extended or enforced. Until that signal arrives, volatility is likely to stay elevated, and price discovery will remain fragmented across asset classes.