Oil prices jumped following a weekend of attacks in the Middle East, while slumping AI stocks weighed on stock markets.
Brent crude’s price climbed nearly 10 percent Monday after the United States and Iran each said the Strait of Hormuz is under its control. Oil prices are still below their wartime peak, but the sharp gains sent Treasury yields higher in the bond market on worries about inflation.
On Wall Street, the S&P 500 fell 0.8 percent. The Dow dropped 0.3 percent, and the Nasdaq composite fell 1.6 percent. Micron Technology and Nvidia helped lead the way lower after SK Hynix shares in Seoul fell to their largest loss ever.
On Monday:
The S&P 500 fell 60.05 points, or 0.8 percent, to 7,515.34.
The Dow Jones Industrial Average fell 138.37 points, or 0.3 percent, to 52,498.64.
The Nasdaq composite fell 408.43 points, or 1.6 percent, to 25,873.18.
The Russell 2000 index of smaller companies fell 24.64 points, or 0.8 percent, to 2,953.17.
For the year:
The S&P 500 is up 669.84 points, or 9.8 percent.
The Dow is up 4,435.35 points, or 9.2 percent.
The Nasdaq is up 2,631.19 points, or 11.3 percent.
The Russell 2000 is up 471.26 points, or 19 percent.
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