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The S&P 500 was relatively unchanged on Monday as investors hoped that a deal would eventually be struck between the U.S. and Iran.
The Dow Jones Industrials fell 250.47 points to 47,666.10.
The broader index poked up, however, 1.13 points to 6,818.02.
The NASDAQ added 56.92 points to 22,959.81.
Goldman Sachs was a sore spot in the session. Shares were down 4% despite the bank’s strong overall earnings after it recorded disappointing trading results in its fixed income unit.
The moves come after President Donald Trump announced a blockade of the Strait of Hormuz, with peace talks between the U.S. and Iran over the weekend ending without a deal.
The blockade of all maritime traffic in and out of Iran’s ports went into effect Monday. U.S. Central Command said the U.S. will not block vessels using the strait to get to non-Iranian ports.
The breakdown of negotiations in Islamabad reignited worries that the Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide. West Texas Intermediate crude oil jumped 5% to above $101 per barrel. International Brent popped 5% to above $100 a barrel.
Vice President JD Vance left Islamabad without a deal with his Iranian counterparts, citing their unwillingness to stop the pursuit of nuclear weapons. But both sides appear farther apart than just that issue, with Iran demanding control of the Strait of Hormuz, war reparations and the release of frozen assets.
Mediators from Pakistan, Egypt and Turkey will continue talks with the two nations over the coming days, Axios reported, citing a regional source and a U.S. official.
Prices for the 10-year Treasury were unchanged, keeping yields to 4.32%.
Oil prices climbed $5.14 to $101.71 U.S. a barrel.
Gold prices dulled $39.30 to $4,745.10 U.S. an ounce.
S&P Flat as Investors Bet on Resolution to Iran Crisis
