The Dow settled quietly lower on Monday, but the S&P 500 and Nasdaq secured more record closes despite geopolitical uncertainty. President Donald Trump canceled plans to send special envoys Steve Witkoff and Jared Kushner to Pakistan for peace talks, and Iran’s Foreign Ministry spokesperson Esmaeil Baqaei noted there are currently no plans set in place for Tehran and Washington to negotiate.
Oil prices resumed their surge in response to the dragging conflict and Strait of Hormuz closure. Wall Street is looking ahead to the Federal Reserve's Open Market Committee (FOMC) meeting, which will kick off tomorrow.
Gold Prices Slip Ahead of Fed Meeting Kickoff
Oil prices settled higher on Monday amid a lack of peace negotiations between the U.S. and Iran. Goldman Sachs also lifted its oil price forecast, noting it will be a while before traffic through the Strait of Hormuz and Gulf production returns to normal. June-dated West Texas Intermediate (WTI) added 2% to finish at $96.37 per barrel.
Gold settled lower as inflation concerns gripped traders ahead of the Federal Reserve's meeting kickoff tomorrow. June-dated gold shed 0.4% to settle at $4,722.60 an ounce.
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