Oil prices moved higher Monday following renewed tensions in the Middle East, while U.S. stock markets declined as investors weighed weakness in technology shares and prepared for a busy week of corporate earnings reports.
Middle East Tensions
Brent crude, the international benchmark for oil, climbed about 4.5% to $79.41 per barrel after developments involving the Strait of Hormuz, a key global shipping route for oil exports.
President Donald Trump announced he is reinstating a blockade on Iranian ships in the Strait of Hormuz and proposed a 20% fee on cargo moving through the waterway, saying the revenue would help offset U.S. costs for providing security in the region.
Stock Market Decline
On Wall Street, major indexes traded lower late Monday morning. The S&P 500 slipped 0.4%, the Dow Jones Industrial Average fell about 91 points, or 0.2%, and the Nasdaq Composite dropped 0.9%.
Technology stocks, particularly semiconductor companies that have benefited from increased investment in artificial intelligence, were among the biggest decliners.
Micron Technology fell 4.4%, trimming some of its strong gains from earlier this year. Nvidia, the largest company in the S&P 500 by market value, declined 1.6%.
Investors continue to evaluate whether rapid growth in AI-related stocks can be supported by long-term demand and corporate earnings.
Original reporting: WOWO News/Talk (Fort Wayne) — read the source article.
