Oil Prices Plummet Amid Easing Mideast Tensions
The stock market on Wall Street experienced a mixed close on Monday as oil prices dropped due to easing tensions in the Middle East.
Despite the decline, the S&P 500 rose less than 0.1% after spending most of the day fluctuating between small gains and losses.
The Dow Jones Industrial Average increased by 0.5%, while the Nasdaq composite fell 0.2%, marking its fourth consecutive loss.
The price of Brent crude oil, an international standard, plummeted 6.3% to $85.87 a barrel for October delivery, reversing course from last week's sharp increase.
U.S. crude oil prices also dropped 7.5% to settle at $82.61 a barrel for September delivery.
Bond yields fell, with the 10-year Treasury yield decreasing to 4.65% from 4.69% late Friday.
The mixed market performance was influenced by technology companies, including Nvidia, which fell 5%, and Microsoft, which rose 1.9%.