Stocks sold off to start the new week as escalating Middle East tensions rattled Wall Street. The Dow shed more than 550 points, as the S&P 500 and Nasdaq pulled back form Friday's records. Today's losses deepened after the United Arab Emirates (UAE) said it intercepted multiple missiles fired from Iran -- the first activation of its missile alert system since the start of the U.S.-Iran ceasefire last month. This comes after President Donald Trump over the weekend announced “Project Freedom" to reopen the Strait of Hormuz.
Middle East Unrest Pushes Oil Above $100
Oil prices surged in response of Iran's attack of the United Arab Emirates (UAE), which made the ceasefire between the Tehran and Washington more vulnerable. June-dated West Texas Intermediate (WTI) fell 4% to settle at $106.42 per barrel.
Gold prices slipped on Monday as geopolitical tensions in the Middle East kept inflation concerns elevated and the greenback strengthened. June-dated gold futures shed 1.7% to settle at $4,565.40 an ounce.
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