Stock futures are higher to start the week as U.S. oil reverses gains, chipmakers rise: Live updates - CNBC
U.S. stock markets saw a decline on Monday as oil prices rose due to ongoing military tensions between the U.S. and Iran. Despite the market dip, chipmakers showed signs of recovery as investors weighed the possibility of diplomatic resolutions.
Why it matters
Geopolitical instability in the Middle East continues to drive volatility in global energy and equity markets.
The S&P 500 fell on Monday as oil prices advanced in response to the latest bout of military exchanges between the U.S. and Iran.
The broad market index dropped 0.19% to close at 7,443.28, while the Nasdaq Composite lost 0.05% and ended at 25,508.07. The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26. A more than 2% decline in Apple shares pulled the 30-stock index lower.
The U.S. completed its ninth consecutive day of strikes on Iran overnight, but investor sentiment improved by midmorning in London after Iranian Foreign Ministry spokesman Esmail Baghaei lifted hopes for a diplomatic settlement.
Baghaei told reporters that intermediaries had continued to exchange messages with Iran amid the latest round of U.S. strikes , and said negotiations between the two adversaries could be pursued based on national interests.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in