The S&P 500 (SNPINDEX:^GSPC) fell 0.24% to 7,109.14, the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.26% to 24,404.39, and the Dow Jones Industrial Average (DJINDICES:^DJI) edged down 0.01% to 49,442.56 as optimism about U.S.-Iran conflict de-escalation faltered.
WTI crude jumped almost 6% to close at $88.85 per barrel, causing energy names to climb while travel stocks fell. American Airlines (NASDAQ:AAL) fell after it rejected a merger approach from United Airlines (NASDAQ:UAL) on Friday.
In tech, Atlassian (NASDAQ:TEAM) rallied after falling by almost 65% in the past year, potentially as investors look for opportunities. AST SpaceMobile (NASDAQ:ASTS) slumped after a flawed satellite launch.
Apple (NASDAQ:AAPL) fell in after-hours trading on news that CEO Tim Cook would step down in September. Marvell Technology (NASDAQ:MRVL) gained on reports of a possible artificial intelligence (AI) chip deal with Alphabet (NASDAQ:GOOG).
After last week’s new highs, markets lost steam today on concerns of renewed tensions in the Middle East. The current U.S.-Iran ceasefire is set to end on Wednesday evening, and further headline-driven volatility is likely. Transit through the crucial Strait of Hormuz remains heavily restricted, despite Friday’s brief hopes of a reopening.
Some economists fear a prolonged disruption to the oil supply could slow global growth. Wall Street will be watching upcoming earnings from heavyweights for signs that high energy prices are squeezing margins. Tesla (NASDAQ:TSLA), UnitedHealth (NYSE:UNH), GE Aerospace (NYSE:GE), and AT&T (NYSE:T) are all due to report this week.
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