Key facts
- Wall Street indexes closed mixed on Monday as oil prices declined following a pause in U.S.-Iran hostilities.
- The S&P 500 gained less than 0.1%, the Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite fell 0.2%.
- Brent crude settled at $85.87 a barrel and U.S. crude oil at $82.61 a barrel.
- The 10-year Treasury yield fell to 4.65% as investors anticipated the Federal Reserve's interest rate decision.
- Major technology stocks showed mixed performance, with Nvidia and Micron declining while Microsoft and Apple advanced.
- Chinese memory chipmaker CXMT saw a significant surge in its Shanghai debut.
Wall Street indexes closed mixed on Monday as oil prices fell following a pause in U.S.-Iran hostilities, while technology stocks weighed on the Nasdaq. The S&P 500 rose less than 0.1%, the Dow Jones Industrial Average gained 0.5%, and the Nasdaq composite fell 0.2%.
Brent crude settled down 6.3% at $85.87 a barrel for October delivery, and U.S. crude oil for September delivery fell 7.5% to $82.61 a barrel. The pause in attacks and resumption of negotiations to end the war between the U.S. and Iran eased concerns about global oil supplies and traffic through the Strait of Hormuz.
Bond yields declined, with the 10-year Treasury yield falling to 4.65% from 4.69% on Friday. Technology stocks were a mixed bag, with Nvidia down 5% and Micron Technology down 2.3%, while Microsoft rose 1.9% and Apple gained 1.2%. Communications companies like Alphabet, Charter Communications, and Comcast saw gains, as did credit card issuers and payment processors including American Express, Capital One Financial, Visa, and Mastercard.
In Asia, Chinese memory chipmaker CXMT soared in its Shanghai debut, achieving a market capitalization of approximately 3.3 trillion yuan ($490 billion).
Markets closed higher in Europe and Asia. Wall Street faces a busy week with economic data on consumer confidence and inflation, alongside a Federal Reserve update on interest rate policy. Investors anticipate a nearly 36% chance of a rate hike this week, as the Fed grapples with inflation influenced by geopolitical tensions and tariffs. Stubborn inflation and high fuel costs continue to squeeze household budgets. Corporate earnings reports from companies like Sherwin-Williams, Boeing, Starbucks, and Chipotle are also expected to provide insights into economic health.