Stocks fell across the board to start the week, with the Dow (DIA) dropping 272 points for its fifth loss in the last six sessions. The S&P 500 (SPY) and Nasdaq (QQQ) pivoted into the red, as heightened U.S.-Iran negotiations remained at an impasse. President Donald Trump threatened an attack on Oman should it intervene, while Iran said they refuse to extend the memorandum of understanding. Crude prices are surging in response.
Micron Technology (MU) and other chip makers tempered losses, however, after Commerce Secretary Howard Lutnick said Apple (AAPL) will not be allowed to purchase memory chips from China-based manufacturers. Nevertheless, bond yields remain elevated. The 10-year yield is up 4.72% while the 30-year hit its highest level since 2007.
Crude Carves Out More Gains
U.S.-Iran tensions and comments from both parties stating a deal would not be made pressure crude higher this afternoon. September-dated West Texas Intermediate (WTI) oil added 2.6% to settle at $84.50 per barrel for the session.
As the U.S. dollar continued to weaken and rate hike concerns continued to ease, gold futures shifted higher. August-dated gold futures rose 0.8% to settle at $4,473.70 for the day.
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