Trump Rejects Iran Proposal, Sending US Stocks Lower Amid Rising Oil Prices

Oil prices surged on Monday, putting pressure on the US bond market and contributing to declines in US stocks. The S&P 500 fell 0.4%, giving back some of its gains from last week when it reached a new all-time high. The Dow Jones Industrial Average dropped by 274 points, or 0.5%, as of 10 a.m. Eastern time, while the Nasdaq composite was also down 0.5%. This comes after Trump rejected an Iranian proposal to open the Strait of Hormuz.