The S&P 500 was relatively unchanged on Monday as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher, keeping geopolitical tensions front and center heading into a pivotal week.
The Dow Jones Industrial Average dished off 14.5 points to 49,216.21.
The much broader index lost 14.5 points to 7,162.89.
The NASDAQ faltered 50.61 points to 24,785.99.
U.S. President Donald Trump on Saturday scrapped plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, noting the negotiations could happen by phone.
“Too much time wasted on traveling, too much work!” the president wrote in a post on Truth Social. “Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Iran’s Foreign Ministry spokesperson Esmaeil Baqaei said no meeting between Tehran and Washington is currently planned.
Qualcomm erased early morning gains and fell 26 cents to $148.59, after TF International Securities analyst Ming-Chi Kuo said in a post on X that OpenAI is working with Qualcomm to develop smartphone processors.
Domino’s Pizza gave back 68 cents, or 1.4%, to $48.48, after its U.S. sales outlook came short of expectations. Domino’s said it expects U.S. same-store sales to expand by 0.9%. Analysts on average had penciled in growth of 2.3%.
Prices for the 10-year Treasury turned lower, eking yields up to 4.32% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices increased $1.87 to $96.27 U.S. a barrel.
Gold prices slid $37.00 to $4,703.90 U.S. an ounce.
