Middle East Tensions Push Oil Higher, Weighing on US Stocks

US stocks declined on Monday as hopes of a breakthrough in the Middle East and rising inflation concerns weighed heavily on sentiment.

The Nasdaq 100 Index fell 0.8% at 9:55 a.m. in New York, putting the technology-heavy gauge on track to give back gains made over the previous two sessions.

The S&P 500 Index declined 0.5%, with notable decliners including ARM Holdings Plc, Sandisk Corp., and Datadog Inc.

Iran and the US seemed far apart on a new ceasefire deal as well as reopening the Strait of Hormuz, with Tehran saying it's sticking to a proposal rejected by US President Donald Trump.