Rising oil prices contributed to a decline in U.S. equities, as weekend turmoil in the Middle East cast doubt on the prospects of U.S.-Iran negotiations before the expiration of a fragile ceasefire agreement. U.S. stocks retreated from record highs, with the S&P 500 index ending a five-day winning streak as shares of several major technology companies declined. The former U.S. President indicated that he was unlikely to extend the ceasefire if an agreement with Tehran was not reached before its expiration, adding that the Strait of Hormuz would remain blockaded until a deal was finalized. Brent crude closed above $95 per barrel. The Nasdaq 100 index fell 0.3%, while the Philadelphia Semiconductor Index advanced 0.5%, marking its 14th consecutive gain—the longest winning streak since 2014. Marvell Technology Group rose 5.8% to a record high after The Information reported that Google is in discussions with the semiconductor company to develop two new types of chips aimed at running artificial intelligence models more efficiently. AST SpaceMobile, Inc. closed down 5.3% after Blue Origin’s flagship New Glenn rocket failed to correctly deploy the payload it was carrying for the Texas-based satellite network company. "I won't rush into a bad deal," the former President stated, adding in a telephone interview that the ceasefire would expire "Wednesday evening, Washington time." The U.S. leader noted that a delegation was en route to Pakistan, though Iran had not yet clearly indicated whether it would participate in further talks. As Iran tightened control in retaliation for recent strikes, traffic through the Strait of Hormuz dwindled to a trickle. On Friday, there appeared to be a breakthrough when Tehran announced it would reopen the waterway, but it later reversed its stance after the U.S. maintained its maritime blockade and struck an Iranian vessel. "Alas, it was short-lived, wasn't it? The much-watched 'reopening' of the Strait of Hormuz lasted barely a day before tensions flared again," noted Fawad Razaqzada of Forex.com. "Still, there is a sense that both sides may be posturing—taking a hardline stance as the deadline approaches to strengthen their negotiating positions." The week's most important economic report is also scheduled for release on Tuesday. Analysts expect overall retail sales to jump in March. However, data excluding gasoline and auto sales may point to soft demand, as high fuel costs have prompted budget-conscious consumers to cut back on other spending. At the close, the S&P 500 was down 0.2% at 7,109.14 points. The Dow Jones Industrial Average was largely unchanged at 49,442.56 points. The Nasdaq Composite Index fell 0.3% to 24,404.39 points.
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