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Update: Equities Fall, Oil Rises Intraday Amid Hormuz Reopening Uncertainty

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Update: Equities Fall, Oil Rises Intraday Amid Hormuz Reopening Uncertainty

(Updates with latest market prices and developments.)

US stocks fell and oil prices advanced intraday as the Strait of Hormuz's reopening appeared uncertain.

The Nasdaq Composite was down 0.3% at 26,616.2 after midday Monday, while the Dow Jones Industrial Average fell 0.2% to 53,914.8. The S&P 500, which notched a new closing high on Friday, edged down 0.1% to 7,754.1.

Among sectors, real estate led the laggards intraday Monday, while energy topped the gainers.

West Texas Intermediate crude oil jumped 4.3% to $81.52 a barrel, while Brent climbed 4.3% to $87.14.

Iran has reportedly laid out new terms for reopening the Strait of Hormuz, including a permanent end to the war against Tehran and its allies.

US President Donald Trump has signaled that he's prepared to exert greater economic pressure on Iran instead of launching another military attack, Axios reported Sunday.

"We are low-keying it," Trump reportedly said in a phone call, according to Axios. "We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money."

"Oil prices remain supported by uncertainty surrounding the Strait of Hormuz," ING Bank said in a report Monday. "Significant hurdles remain before any broader agreement is reached."

US Treasury yields were higher intraday, with the two-year rate up 3.7 basis points at 4.24% and the 10-year rate rising 4.5 basis points to 4.7%.

In company news, Intel (INTC) plans to raise $15 billion from a common stock offering to support capital expenditures as demand for artificial intelligence computing remains strong. The stock was down 1.9%.

Teledyne Technologies (TDY) has agreed to acquire X-ray imaging components manufacturer Varex Imaging (VREX) in a $1.1 billion deal that will expand its X-ray device portfolio to include oncology detectors. Varex shares surged 48%, while Teledyne edged up 0.4%.

Some 11 S&P 500 companies are scheduled to report results this week, including Cisco (CSCO) and Applied Materials (AMAT).

So far, 443 companies, or 89% of the index constituents, have reported results in the current cycle, with profit growth slowing to 51% from about 57% a week ago, Oppenheimer Asset Management said in a report Monday.

Spot gold edged up 0.4% to $4,358.07 per troy ounce, while silver advanced 2.6% to $65.14 per ounce.

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