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The stock market dropped May 15 following a relatively uneventful meeting between U.S. and Chinese leadership over the war in Iran.
The Nasdaq Composite was down 1.2% as of 11:20 a.m., according to CNBC. The S&P 500 dropped 0.91%, followed closely by the Dow Jones Industrial Average with a 0.88% decrease.
The declines come after President Donald Trump concluded his two-day summit in Beijing with Chinese President Xi Jinping. The meeting left investors disappointed that no major policy breakthroughs were announced, CNBC reported, though both leaders agreed that the Strait of Hormuz should remain open.
Trump’s visit to China coincided with the 75-day mark since the start of the Iran war, which has caused fuel prices and inflation to soar over the past two-and-a-half months. A gallon of gas in New Jersey cost an average of $4.52 as of May 12, up from $4.03 last month and $2.98 a year ago.
New Jersey’s average gas price was just below the national average of $4.53 as of the morning of May 15, according to USA Today. Average prices exceeded $5 in Alaska, Hawaii, Illinois, Nevada, Oregon and Washington, while California’s was up to $6.14.