Stocks settled lower on Monday, after President Donald Trump threatened Iran with military action if no peace deal is reached before a ceasefire between the two countries expires on Tuesday. This comes after Iran declined to participate in a new round of talks in Pakistan and the U.S attacked and seized an Iranian cargo ship over the weekend.
With the Strait of Hormuz closed again and oil prices surging, the Nasdaq marked its first loss in 13 sessions, ending its longest win streak since 1992. The Dow settled lower as well, while the S&P 500 snapped a five-day win streak. Elsewhere, the Cboe Volatility Index (VIX) -- also known as Wall Street's fear gauge -- saw its first win in nine sessions.
Oil Prices Pivot Higher Once More
Oil prices pivoted higher as tensions between the U.S. and Iran ramped up amid naval attacks in the Strait of Hormuz, which renewed supply disruption concerns. May-dated West Texas Intermediate (WTI) rose roughly 7% to finish at $89.61 per barrel.
Gold prices fell to their lowest level in a week as geopolitical tensions and a stronger U.S. dollar weighed. June-dated gold dropped 0.8% to finish at $4,839.10 an ounce.
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