Highlights
Stocks edged lower on Monday on a rebound in oil prices and bond yields amid the latest disappointment in hopes for progress toward reopening of the Strait of Hormuz. The Dow Jones industrial average and the S&P 500 both eased 0.1 percent, and the Nasdaq was off 0.3 percent. The dollar tracked rising bond yields higher. Activity appeared limited as the market awaits US inflation figures on Wednesday and Thursday.
Oil prices rebounded as Iran reportedly continued to insist on likely unacceptable US concessions before it would discuss a resumption of direct talks with the US. That contrasts with President Trump's comments over the last week suggesting a US-Iran deal was imminent to reopen the Strait. Bond yields rose in response as rising oil prices renewed inflation worries and expectations for interest rate increases.
Among sectors, best were health care, energy, communications services and materials, while lagging were technology, industrials, real estate and consumer staples. Technology suffered from declines in Apple after an analyst downgrade and a selloff in Nvidia on reports suggesting the AI bellwether plans huge borrowing to fund infrastructure investment.