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S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions
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U.S. stocks ended Monday slightly lower as renewed uncertainty over the Middle East conflict pushed oil prices higher and weighed on technology shares.
The S&P 500 and Nasdaq Composite declined as investors grew less confident that an agreement to reopen the Strait of Hormuz would be reached soon.
The S&P 500 fell 0.06% to close at 7,753.12, retreating from Friday’s record-high finish.
Persistently elevated oil prices have fueled inflation concerns and increased uncertainty over the outlook for global interest rates.
Around 85% of the 436 S&P 500 companies that have reported quarterly results have exceeded analysts’ estimates, according to LSEG data.