US stocks mostly fall as Iran tensions lift oil prices
- S&P 500 declined 0.4% while Nasdaq Composite Index dropped 0.9%
Wall Street stocks mostly fell early Monday, driven by rising oil prices from US-Iran tensions and a semiconductor stock pullback, with upcoming earnings and economic data in focus.
- Rising oil prices amid US-Iran tensions.
- Semiconductor stock declines impacting tech indices.
- Anticipated bank earnings and key economic data.
NEW YORK: Wall Street stocks mostly fell early Monday as markets weighed higher oil prices and a pullback in semiconductor shares while looking ahead to earnings and economic data.
Crude prices rose more than three percent as surging tensions between the United States and Iran revived questions about oil infrastructure in the Strait of Hormuz.
US semiconductor stocks fell early following a bad day on South Korea’s Kospi with a big fall in SK hynix.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 52,676.53.
The broad-based S&P 500 declined 0.4 percent to 7,547.53, while the tech-rich Nasdaq Composite Index dropped 0.9 percent to 26,039.50.
“The tensions with Iran heating up are driving up oil prices and that’s driving up yields on treasuries, while a sell-off in SK hynix is dragging down memory names and that’s dragging down the Nasdaq and the S&P,” said Art Hogan of B. Riley Wealth Management.
This week’s calendar includes earnings from large US banks, congressional testimony from Federal Reserve Chair Kevin Warsh and the latest consumer price index data.