U.S. Stocks Close Monday Mixed
The Dow Jones Industrial Average slipped 0.13 percent to close at 49,167.79, while the S&P 500 edged up 0.12 percent to 7,173.91. The Nasdaq Composite Index advanced 0.2 percent to finish at 24,887.1, extending its run into record territory.
The session's gains were narrow and uneven. Eight of the 11 primary S&P 500 sectors retreated, with consumer staples and real estate bearing the steepest losses — tumbling 1.18 percent and 0.84 percent, respectively. Communication services and financials bucked the trend, climbing 0.94 percent and 0.65 percent to lead all gainers.
The geopolitical backdrop drove fresh momentum in energy markets. West Texas Intermediate crude for June delivery surged 2.09 percent to settle at 96.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery jumped 2.75 percent to 108.23 dollars a barrel on the London ICE Futures Exchange — reflecting the market's sensitivity to any shift in Hormuz dynamics.
The diplomatic backdrop, however, remained murky. An Axios report indicated Iran had presented the United States with a new proposal to reopen the Strait of Hormuz and bring the conflict to a close, with nuclear negotiations to be shelved for a later stage. Yet Iran's Foreign Ministry spokesperson Esmaeil Baqaei pushed back on expectations of imminent dialogue, stating that no meeting between Tehran and Washington is currently planned.
In corporate news, Microsoft finished little changed after disclosing it would no longer hold exclusive access to OpenAI's technology portfolio, with a related revenue-sharing arrangement also set to expire — a development that drew attention but failed to move the needle significantly for investors.
Market focus now shifts to the Federal Reserve's two-day policy meeting kicking off Tuesday. Policymakers are broadly expected to hold interest rates steady, as the economic fallout from the Iran conflict and its inflationary ripple effects cloud the central bank's near-term outlook.
The gathering also carries symbolic weight: it is expected to be Federal Reserve Chair Jerome Powell's second-to-last meeting before a leadership handover to Kevin Warsh, whose Senate confirmation vote is anticipated in the near term.
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