US Stocks Fall as Iran Strikes Send Oil Prices Soaring
US stocks fell on Monday after American forces struck Iranian rocket launchers in the Strait of Hormuz, marking the first military action in a month. The S&P 500 index dropped 0.5%, while the Dow Jones Industrial Average declined by 331 points or 0.6% as of 3:01 p.m. Eastern time.
The Nasdaq also fell 0.4%. Despite Monday's losses, all three indexes are on pace to close out August with a gain for the month after the S&P 500 and Nasdaq each lost ground in July and June.
Energy stocks gained ground, with Exxon Mobil rising 2.1% and Chevron increasing by 1.5%. However, Edison International slumped 23.4%, and PG&E fell 19.5% due to reports about potential California wildfire legislation that would allow insurers to sue utilities over related claims.