US stocks drift as their record-breaking rally slows, while oil prices rise
The US stock market's record-breaking rally stalled on Monday due to uncertainty over the Iran war, while oil prices rose 3% as tankers found the Strait of Hormuz effectively closed. The S&P 500 rose 0.1%, while the Dow Jones Industrial Average fell 0.2%, and the Nasdaq rose 0.1%.
The US stock market's rally slowed on Monday amid uncertainty over the Iran war. The S&P 500 rose 0.1% after hitting an all-time high driven by strong profit reports from US companies. Oil prices climbed 3% as the Strait of Hormuz remained effectively closed. Iran offered to reopen the strait if the US ended its blockade. The price for Brent crude rose to $108.73 per barrel. Several major US companies, including Alphabet, Amazon, and Microsoft, are set to report profits this week. The Federal Reserve will announce its interest rate decision on Wednesday, with traders expecting rates to remain steady.
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