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Stocks edge higher as Iran, shipping and oil risks face diplomacy hopes
WTI holds near $82 and Brent around $88 as investors balance Iran strike escalation against renewed message exchange between capitals.
Markets were mixed Monday, with the Dow Jones Industrial Average trading near the 52,000 level and down about 100 points, while the S&P 500 rose 0.4% and the Nasdaq Composite gained 0.9%, each rebounding after a losing week, according to FXStreet.
The market mood was supported after Iran’s foreign ministry said intermediaries are still exchanging messages with the United States and that negotiations could proceed where national interests align, even as Washington extended its strike campaign and Iran kept up attacks on commercial shipping around the Strait of Hormuz.
Risk appetite also had to absorb additional escalation risks, including Houthi militants declaring a maritime embargo against Saudi Arabia aimed at the Bab el-Mandeb chokepoint, while US pump prices climbed back above $4.00 a gallon; FXStreet said WTI was little changed near $82 and Brent around $88.
Within equities, FXStreet pointed to semiconductors as the main driver of Monday’s advance, citing gains for Micron, Advanced Micro Devices, Teradyne, and Astera Labs, and noting that Microsoft’s decision to deploy Advanced Micro Devices’ new Helios racks across its Azure data centers added momentum. It also highlighted Wells Fargo’s view that the chip rally is still occurring within a damaged trend and that technical deterioration raises the odds of a deeper pullback toward long term moving averages.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|S&P 500 7,533.77 ▼0.5%