US stocks drift in early trading as crude oil prices rise
US stocks were mixed in early trading on Monday as crude oil prices rose amid uncertainty over the Iran conflict, while the S&P 500 edged down by less than 0.1% after setting a new record high driven by strong profit reports from US companies.
US stocks were mixed in early trading on Monday. The S&P 500 edged down by less than 0.1% after setting a new record high driven by strong profit reports from US companies. Crude oil prices rose more than 1.5% as tankers remained stuck in the Middle East due to the Strait of Hormuz being effectively closed. Iran offered to reopen the strait if the US ends its blockade. The price for a barrel of Brent crude to be delivered in June climbed 1.7% to $107.09. Verizon Communications' stock climbed 3.6% after the company reported better-than-expected postpaid phone customer additions. Several major US companies, including Alphabet, Amazon, and Microsoft, are set to report their profit results this week.
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