US Stocks Mixed as Oil Prices Plunge on Iran Hopes
Oil prices plummeted on Monday as hopes of US-Iran talks sent mixed signals to the stock market. While this optimism boosted some stocks, chipmakers continued their downward trend.
The Dow Jones Industrial Average rose 0.51%, while the S&P 500 was largely unchanged, increasing by just 0.02%. The tech-heavy Nasdaq Composite underperformed, dropping 0.18% due to declining chipmaker shares.
The VanEck Semiconductor ETF fell about 2% as AMD, Teradyne, and Micron led the decline. However, most stocks bounced back from their session lows hit earlier in the day.
President Donald Trump warned of 'very strong military action' against Iran if talks between the two countries are unsuccessful. He stated that the US is in 'very deep talks' with Tehran but emphasized the need for swift results, saying 'Not much time. Either it goes fast or not at all.'