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US Equity Indexes Fall as Hormuz Chokepoint Attacks Cast Doubt Over Sustainability of Iran Ceasefire
US equity indexes fell ahead of Monday's close amid reports of fresh strikes in the Middle East, fueling concern that the Iran ceasefire is at risk of falling apart.The Nasdaq Composite fell 0.1% to 25,080.1, the S&P 500 slid 0.4% to 7,203.3, and the Dow Jones Industrial Average declined 1.1% to 48,966.7.All sectors except energy retreated, with materials and industrials leading the decliners.The US and Iran exchanged fire in the Persian Gulf in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets, Bloomberg reported.The US military fought off attacks from Iranian drones, missiles, and armed small boats as it facilitated the passage of two US-flagged vessels through the Strait of Hormuz, US Central Command chief Admiral Brad Cooper was cited as telling reporters in a briefing on Monday.West Texas Intermediate crude oil futures jumped 3.2% to $105.14, and Brent crude futures surged 5.2% to $113.79.
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US Equity Indexes Fall, Crude Oil Jumps as Military Tensions Flare Up in Hormuz Chokepoint
US equity indexes retreated in midday trading on Monday as investors weighed military action in the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite fell 0.7% to 24,946.4, the S&P 500 slid 0.7% to 7,182.2, and the Dow Jones Industrial Average declined 1.1% to 48,952.7. The S&P 500 and the Nasdaq touched record highs last week.West Texas Intermediate crude oil futures jumped 3.7% to $105.70, and Brent crude futures jumped 5.6% to $114.21.Military tensions were fanning up in Hormuz on Monday, as several vessels were struck amid Iranian threats and the US sent in destroyers and fought off further attacks, The Wall Street Journal reported. The skirmishes followed President Donald Trump's initiative to get ships bottled up in the Persian Gulf out through the crucial waterway, the Journal said.Meanwhile, US Central Command denied Iran's claim that a US warship transiting the Strait of Hormuz was struck by two missiles and forced to retreat, CNBC reported. Separately, the US military said two American-flagged merchant ships transited the Strait of Hormuz, according to the Associated Press.Iran's unified command told commercial ships and oil tankers to refrain from any movement that was not coordinated with Iran's military, according to Reuters.Most US Treasury yields rose, with the 10-year up 8.2 basis points to 4.46%, the highest in more than a month on an intraday basis. Two-year yield jumped 10.5 basis points to 3.99%.
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US Equity Futures Slip as Middle East Conflict Enters Third Month, Oil Prices Rise
US equity futures were lower pre-bell Monday as the standoff in the Strait of Hormuz continued, with the Iran-US conflict reaching its third month and traders noting the increase in oil prices.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.President Donald Trump said Sunday that the US would help guide vessels stranded in the Persian Gulf due to the conflict, and Iran responded by warning US forces not to enter the Strait of Hormuz.A US warship was turned away from entering the waterway after being hit by two missiles fired by Iran's navy near the port of Jask, according to Iran's Fars news agency, but a senior US official denied the report, Axios said.Among the companies expected to report quarterly earnings this week are Palantir Technologies (PLTR), Advanced Micro Devices (AMD), HSBC (HSBC), Arm (ARM), Shell (SHEL), and McDonald's (MCD).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.4% at $111.89 per barrel and US West Texas Intermediate crude 2.9% higher at $104.93 per barrel.March factory orders are expected to have gained 0.6%, compared with no change previously, according to estimates compiled by Bloomberg.New York Federal Reserve President John Williams is due to speak today.
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