U.S. equities have retreated following Iran's rejection of a ceasefire proposal, leading Brent crude to exceed $107 per barrel and Treasury yields to record highs. The White House has sent a 15-point peace plan to Tehran via Pakistan, but Iranian officials have rebuffed it. This stalemate has left markets pricing in a protracted conflict with no clear off-ramp. The S&P 500 fell by 0.7%, to 6,547 points, while the Dow Jones Industrial Average declined 83 points, or 0.2%, to 46,346. The Nasdaq 100 also dropped by 234 points to 23,929.