S&P 500, Nasdaq Open Flat as Traders Watch for Strait of Hormuz Deal, Inflation Data

Tiger Newspress21:30

US stocks opened little changed on Monday amid growing doubts that the U.S. and Iran will come to a lasting resolution to the conflict in the near term.

Shares of 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.

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.

Iranian Foreign Minister Abbas Araghchi said Sunday there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding, without compensating for its “violations,” according to Tasnim News Agency, a semi-official news outlet associated with the Islamic Revolutionary Guard Corps.

Oil prices rose on Monday as uncertainty hovered over the market. U.S. West Texas Intermediate crude futures were up about 2% at above $79 per barrel, while international benchmark Brent crude futures were up 2% at around $85.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment