Zacks Equity Research
2 min read
Wall Street closed mixed on Monday as oil prices declined following delayed U.S. strike plans on Iran. The Dow ended in positive territory, while the Nasdaq Composite and the S&P 500 ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3%, or 159.95 points, to close at 49,686.12. Twenty-three components of the 30-stock index ended in positive territory, while seven ended in negative territory.
The Dow’s major gainer was 3M Company MMM. The stock price of this diversified technology company rose 4.3%. 3M currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite declined 0.5% to close at 26,090.73.
The S&P 500 lost 0.1% or 5.45 points, to end at 7,403.05. Out of 11 broad sectors of the broad-market index, four ended in negative territory, and seven ended in positive territory. The Information Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY) and the Industrials Select Sector SPDR (XLI) fell 1%, 0.2% and 0.4%, respectively, while the Energy Select Sector SPDR (XLE) rose 1.8%.
The fear gauge, the CBOE Volatility Index (VIX), decreased 3.3% to 17.82. A total of 20.86 billion shares were traded on Monday, higher than the last 20-session average of 18.36 billion. The S&P 500 posted 21 new 52-week highs and 13 new lows, while the Nasdaq Composite recorded 167 new highs and 152 new lows.
Oil Prices Ease as Trump Delays Iran Strike
Brent crude oil had given up earlier gains on Monday as U.S. President Donald Trump postponed a military attack on Iran after Tehran proposed a new peace plan, Reuters reported.
President Donald Trump, in a Truth Social post, said the U.S. military would remain on high alert if an acceptable agreement is not reached, but added a “very good chance” that an agreement could be reached that would keep Iran’s nuclear activities limited.
Brent crude futures slipped 2.05% on Monday to $109.80 per barrel. U.S. crude oil futures for July delivery fell 1.58% in early trade to $102.73 per barrel as concerns about potential supply disruptions in the Middle East eased.
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This article originally published on Zacks Investment Research (zacks.com).
