Stocks closed mixed Monday as weakness in the technology sector weighed on Wall Street, while investors kept a close eye on oil prices, elevated Treasury yields, and escalating Middle East tensions. The Nasdaq led the retreat as chip stocks sold off, with Seagate (STX) (SGX) and Micron (MU) both moving sharply lower. The S&P 500 also finished the day in the red, extending Friday's pullback from all-time highs, while the Dow nabbed a triple-digit win.
Oil Prices Continue to Rise
Oil prices moved higher Monday after reports suggested the U.S. dismissed Iran’s latest offer, fueling renewed worries that tensions could intensify and further pressure global oil supplies. June-dated West Texas Intermediate (WTI) rose 3.1% to $108.66 per barrel.
Gold inched lower amid climbing bond yields and surging oil prices, with geopolitical tensions tied to inflation worries. June-dated gold futures fell 0.1% to $4,558 per ounce.
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