S&P 500 futures slip as traders watch for Strait of Hormuz deal, inflation data: Live updates - CNBC
U.S. stock markets saw minor declines as investors reacted to uncertainty regarding a potential deal between the U.S. and Iran over the Strait of Hormuz. Oil prices rose significantly amid the geopolitical tension.
Why it matters
Market volatility linked to Middle Eastern geopolitical tensions directly impacts global energy prices and investor sentiment.
The S&P 500 ended Monday just below the flatline amid growing doubts that the U.S. and Iran will come to a lasting resolution to the conflict in the near term.
The broad index slipped 0.06% to end at 7,753.11, while the Nasdaq Composite declined 0.32% to 26,605.36. The Dow Jones Industrial Average was down 60.95 points, or 0.11%, closing at 53,975.98.
Intel was a key laggard of the session, falling 4% after the company said it's going to be offering $15 billion in common stock. Other laggards include Nvidia and Apple , which dropped 2.9% and 1.5%, respectively.
Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S until several conditions are met.
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