Key facts
- US stock indexes opened lower on Monday due to rising oil prices and investor jitters from US-Iran tensions.
- The Nasdaq Composite and S&P 500 declined, while the Dow Jones Industrial Average edged higher.
- Chip stocks experienced downward pressure, with Micron Technology seeing significant drops.
- Escalating tensions between the US and Iran in the Gulf region contributed to the market's decline.
- President Donald Trump announced the US was reinstating its blockade of Iranian shipping in the Gulf.
U.S. stock indexes opened lower on Monday as escalating tensions between the United States and Iran in the Gulf region pushed oil prices higher and unnerved investors. President Donald Trump announced the U.S. was reinstating its blockade of Iranian shipping in the Gulf and would keep the Strait of Hormuz open after the two sides exchanged further missile and drone attacks over the weekend.
At the opening bell, the Dow Jones Industrial Average edged up by 39.5 points, or 0.08%, to 52676.53. In contrast, the S&P 500 fell by 27.9 points, or 0.37%, to 7547.53, and the Nasdaq Composite dropped 193.3 points, or 0.74%, to 26088.313.
Chip stocks also faced downward pressure, with Micron Technology experiencing significant drops. Investors are also monitoring key economic reports, including the U.S. consumer price index, and the second-quarter earnings season, which kicks off this week.