S&P 500 falls from record high on Middle East worries
The S&P 500 fell from a record high on Monday due to worries over the Middle East conflict after a South Korean ship was hit by an explosion in the Strait of Hormuz. The S&P 500 declined 0.41% to end the session at 7,200.75 points.
The S&P 500 and Nasdaq fell on Monday as tensions in the Middle East escalated. A South Korean merchant ship was hit by an explosion in the Strait of Hormuz, and Tehran claimed to have forced a U.S. warship to turn back. Energy stocks rose following the reports. The S&P 500 companies are expected to post aggregate earnings growth of 28% year/year for the first quarter. The S&P 500 declined 0.41% to 7,200.75 points, while the Nasdaq declined 0.19% to 25,067.80 points. The Dow Jones Industrial Average declined 1.13% to 48,941.90 points. GameStop's proposal to buy eBay for $56 billion caused its shares to tumble 10% and eBay to rise about 5%.
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