The S&P 500 fell on Monday, while oil prices rose, as investors weighed tensions in the Middle East.
The Dow Jones Industrials retreated 272.63 points Monday to 53,459.78.
The much-broader index dipped 40.7 points to 7,745.06.
The NASDAQ Composite plummeted 84.25 points to 26,644.91.
Eyes were also focused on the conflict in the Middle East, with the ceasefire between the U.S. and Iran expiring Monday as negotiations between the two sides have stalled. Iran has ruled out talks to extend the memorandum of understanding, state news agency Tasnim has reported.
A senior Iranian official told Reuters Monday that the country would shift to an offensive posture if diplomacy with the U.S. fails, while President Donald Trump told Fox News Monday that the U.S. would bomb Oman if it “gets in the way.”
Micron Technology was a bright spot in the session, however, as shares gained 5%. Last week, Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration is not in support of Apple buying memory chips from China.
Bloomberg News also reported that Anthropic’s second-quarter revenue was more than $11.5 billion — a massive jump from a year earlier.
Other chip stocks such as Broadcom and Nvidia were higher as well amid the renewed optimism surrounding the artificial intelligence trade.
Meanwhile, a slew of retail earnings are on tap, with Walmart results due out Thursday. Home Depot reports Tuesday and Lowe’s Wednesday.
Prices for the 10-year Treasury wavered, boosting yields to 4.73% from Friday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.22 to $84.62 U.S. a barrel.
Gold prices brightened $36.80 to $4,474.10 U.S. an ounce.
