US Markets
Update: S&P 500 Retreats From Record, Oil Jumps as Hormuz Reopening Hopes Fade
(Updates with market moves at the end of the day, and other changes, if any.)US equity benchmarks fell Monday, with the S&P 500 pulling back from a record high as oil prices rose amid doubts that the Strait of Hormuz will reopen soon.The large-cap index closed 0.1% lower at 7,753.11, after reaching a new peak in the previous session. The Nasdaq Composite declined 0.3% to settle at 26,605.36, while the Dow Jones Industrial Average edged down 0.1% to 53,975.98.Among sectors, real estate led the laggards, while energy topped the gainers.West Texas Intermediate crude oil jumped 5% to $82.05 a barrel in Monday late-afternoon trade, while Brent climbed 4.8% to $87.55.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, as well as demanding full compensation for war damages.US President Donald Trump on Monday demanded compensation from Iran "for all of the people that they have killed and gravely wounded with their roadside bombs and many conflicts."In another social media post, Trump said that "Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen, and Gaza."Trump has signaled that he's prepared to exert greater economic pressure on Iran instead of launching another military attack, Axios reported Sunday."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, with the two-year rate up 3.5 basis points at 4.24% and the 10-year rate rising 4.3 basis points to 4.7%.Cleveland Fed President Beth Hammack told Yahoo Finance that more than one interest rate hike may be needed to curb US inflation.Hammack was one of the three dissenters who called for a quarter percentage point rate hike last month, when the Federal Reserve left monetary policy unchanged for a fifth time.In company news, Intel (INTC) plans to raise $15 billion to support capital expenditures as demand for artificial intelligence computing remains strong. The stock fell 4.1%.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 49%, while Teledyne edged down 0.2%.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 rose 1.1% to $4,388.79 per troy ounce, while silver advanced 4.2% to $66.19 per ounce.
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