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S&P 500 slips as Iran tensions lift oil, retailers await earnings
Oil prices rose more than 2% in Brent futures, helping lift the energy index about 1% while the Dow fell 0.5% on the day.
Wall Street fell on Monday as investors weighed fresh signals on the US consumer ahead of major retailer quarterly reports, while higher oil prices reflected growing investor pessimism about progress toward a US-Iran deal. Brent crude futures rose more than 2% on global supply worries, supporting the energy index, which climbed about 1%, alongside industrials, up 0.3%.
Investors were also cautious after weak retail sales and jobs data earlier in the month, and they looked to earnings releases for direction. Home improvement retailer Home Depot is due Tuesday, and retail bellwether Walmart is scheduled for Thursday.
Major indexes traded lower in the afternoon, with the Dow Jones Industrial Average down 263.1 points, or 0.5%, to 53,469.3, the S&P 500 down 29.0 points, or 0.4%, to 7,756.8, and the Nasdaq Composite down 82.6 points, or 0.3%, to 26,646.6.
Sector moves were mixed, with communications services the weakest S&P 500 area, down about 1.6%, led by declines in Meta Platforms. Chip stocks gained as the PHLX semiconductor index rallied nearly 2%, but software lagged, with the S&P 500 Software & Services index down 2.8%, as traders awaited results from Nvidia next week.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|S&P 500 7,785.76 ▼0.2%