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(Bloomberg) — US stocks dropped before the bell on Monday as investors assessed tit-for-tat attacks between the US and Iran and conflicting information over the status of the Strait of Hormuz.
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Contracts for the S&P 500 Index were 0.4% lower at 8:20 a.m. in New York, putting the benchmark on track to snap a two-session winning streak. Meanwhile, Nasdaq 100 Index futures dropped 1% and Brent crude traded at around $79.
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“Markets have started the week firmly on the defensive as renewed tensions between the US and Iran once again dominate sentiment,” said Daniela Hathorn, senior market analyst at Capital.com. “Weekend strikes and fresh rhetoric from Tehran have revived concerns that the path towards a lasting agreement remains fragile.”
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US Central Command said American forces carried out a new round of attacks aimed at degrading Iran’s ability to threaten shipping in the Strait of Hormuz, with dozens of targets being hit. Tehran retaliated Monday with attacks on US allies in the Persian Gulf and beyond, targeting US bases in Kuwait, Bahrain, Jordan and Oman, according to Iranian state media outlets.
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Fresh hostilities have further dampened hopes for peace in a conflict that has rattled global markets since February. The resulting rise in energy prices has again raised concerns over inflation and its negative impact on economic growth.
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Still, the conflict has done little to derail the year’s broader equity rally. Stocks have remained resilient due to the artificial-intelligence boom, as well as the performance of sectors such as energy and industrials.
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That performance faces a major test this week, with a fresh slate of economic data ahead, including the consumer price index on Tuesday, then the producer price index and consumer sentiment. Also, earnings season kicks into full gear, with big banks such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. reporting.
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“US earnings season now becomes the drumbeat for global markets, while the dollar’s fate now hinges on tomorrow’s inflation data,” said Chris Beauchamp, chief market analyst at IG.
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In terms of single-stock moves, the American depositary receipts of SK hynix Inc. plunged 9.8% after South Korea’s AI-fueled rally came under renewed pressure on Monday.
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—With assistance from Kurt Schussler.
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English (US)