U.S. markets ended lower on Monday, amid persistent uncertainty surrounding a potential U.S.-Iran deal and expectations of tighter monetary policy. Meanwhile, Iran has warned that it will not reopen the Strait of Hormuz unless the United States meets a series of conditions, denting hopes for a return to stability in global energy markets. Investors remained cautious ahead of key U.S. inflation data due in the coming days. The Labor Department is scheduled to release its consumer inflation report on Wednesday, followed by producer inflation data on Thursday.
On the sectoral front, despite the lackluster performance of the broader markets, energy stocks moved sharply higher along with crude oil prices. With U.S. crude oil futures surging nearly 5 percent, the Philadelphia Oil Service Index soared 5.8 percent, while the NYSE Arca Oil Index jumped 5.3 percent. Significant strength was also evident among software stocks, as reflected by the 1.9 percent gain in the Dow Jones U.S. Software Index. However, semiconductor stocks showed a considerable move to the downside, dragging the Philadelphia Semiconductor Index down by 2.9 percent.
Nasdaq decreased 85.25 points or 0.32 percent to 26,605.35, Dow Jones Industrial Average was down 60.95 points or 0.11 percent to 53,975.98 and S&P 500 declined 4.53 points or 0.06 percent to 7,753.11.
About The Author
