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NEW YORK (AP) — U.S. stocks fell from their grounds heights, portion lipid prices jumped pursuing escalations successful the Middle East that whitethorn beryllium undermining the ceasefire successful the warfare with Iran. The S&P 500 fell 0.4% Monday, coming disconnected its latest all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite slipped 0.2%. Stocks turned little aft the United Arab Emirates, a U.S. ally, said it came nether onslaught by Iran for the archetypal clip since the ceasefire took clasp successful aboriginal April. The attacks appeared to beryllium successful effect to President Donald Trump’s latest efforts to reopen the Strait of Hormuz.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.
NEW YORK (AP) — The U.S. banal marketplace fell from its grounds heights Monday, portion lipid prices jumped pursuing escalations successful the Middle East that whitethorn undermine the ceasefire successful the warfare with Iran.
The S&P 500 sank 0.4%, coming disconnected its latest all-time high. The Dow Jones Industrial Average was down 561 points, oregon 1.1%, with an hr remaining successful trading, and the Nasdaq composite was 0.2% lower.
The enactment was stronger successful the lipid market, wherever the terms for a tube of Brent crude leaped 5.8% to settee astatine $114.44. It jolted higher aft the United Arab Emirates, a U.S. ally, said it came nether onslaught by Iran for the archetypal clip since the ceasefire took clasp successful aboriginal April. The attacks appeared to beryllium successful effect to U.S. President Donald Trump’s latest efforts to reopen the Strait of Hormuz.
Iran’s closure of the strait has kept lipid tankers pent up successful the Persian Gulf and distant from customers worldwide. That successful crook has sent the terms of Brent soaring from astir $70 per tube earlier the war.
Trump said Sunday that the United States would usher ships done the strait, which could get lipid flowing again and bring down its price. But prices alternatively climbed with uncertainty astir what would hap next.
The U.S. subject said Monday that 2 American-flagged merchant ships had successfully transited the Strait of Hormuz. It besides said that it sank six tiny boats arsenic it acceptable up an “enhanced information area” for ships crossing the strait.
Even with each the uncertainty astir however agelong the warfare with Iran volition last, the U.S. banal marketplace has managed to powerfulness to grounds aft record. Hope is inactive precocious connected Wall Street that the planetary system tin debar a worst-case script due to the fact that of the war. And successful the meantime, companies proceed to present large maturation successful profits. That's cardinal due to the fact that banal prices thin to travel the way of firm profits implicit the agelong term.
The spot truthful acold this reporting play has been broad-based and not confined to conscionable the Big Tech superstars that predominate the market. The median banal successful the S&P 500 is tracking for the champion maturation since 2021, according to Savita Subramanian, a strategist astatine Bank of America.
Tyson Foods joined the database Monday of those topping analysts’ expectations for some nett and gross during the latest quarter.
It sold little beef than it did a twelvemonth ago, but it did truthful astatine prices that were 11.5% higher, truthful its full beef gross edged up. It besides sold much chickenhearted and pork than a twelvemonth earlier, astatine somewhat higher prices. Its banal roseate 4.2% and helped bounds Wall Street's losses.
Norwegian Cruise Line Holdings likewise delivered a amended nett for the latest 4th than analysts expected. But it’s feeling the effects of the war, which has not lone raised unit connected substance prices but besides pushed customers to deliberation doubly astir question plans, peculiarly to Europe.
The cruise relation said immoderate “execution missteps” besides person bookings beneath wherever it would like, and its banal fell 9.6%.
UPS and FedEx dropped astir arsenic overmuch for immoderate of the market's sharpest losses aft Amazon announced a determination that could chopped into their businesses. The online elephantine said it's begun allowing Procter & Gamble, 3M and different large companies to usage its logistics services to determination inventory, fulfill orders and present packages straight to shoppers.
UPS dropped 9.7%, and FedEx fell 9.3%, portion Amazon roseate 0.9%.
GameStop slumped aft it said it wants to bargain eBay, a overmuch larger company, for $125 per stock successful currency and stock. Coming into the day, eBay had a full marketplace worth that was astir quadruple GameStop’s.
GameStop said it has already built a 5% involvement successful eBay and sees opportunities to chopped $2 cardinal successful yearly costs quickly. GameStop, whose banal concisely soared to market-shaking heights during the meme banal craze of 2021, fell 9.4%, portion eBay roseate 4.8%.
In banal markets abroad, gains for tech stocks helped indexes leap 5.1% successful South Korea and 1.2% successful Hong Kong, portion markets were closed successful mainland China and Japan for holidays.
European indexes fared worse, and France’s CAC 40 fell 1.7%.
In the enslaved market, Treasury output jumped with the terms of oil. The output connected the 10-year Treasury roseate to 4.44% from 4.39% precocious Friday. It was astatine conscionable 3.97% earlier the warfare began, and the emergence has made mortgages and different kinds of loans for U.S. households and businesses much expensive.
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AP Business Writers Matt Ott, Anne D’Innocenzio and Elaine Kurtenbach contributed.
Copyright 2026 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.
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