Wall Street Stocks Waver as Mideast Tensions Cool, Oil Prices Plummet

Stocks on Wall Street were volatile Monday as tensions between the US and Iran eased. The S&P 500 index fell 0.2% after two consecutive weekly losses. In contrast, the Dow Jones Industrial Average rose 218 points or 0.4%. The Nasdaq composite declined by 0.6%, with technology companies behind much of the market shifts.

The price of Brent crude oil dropped 5.5% to $86.60 a barrel for October delivery after surging above $100 last week amid worries about global oil supplies. The Strait of Hormuz, a vital shipping route, has seen its traffic sharply curtailed due to the war between the US and Iran.

Markets in Europe rose, while bond yields fell, with the 10-year Treasury yield dropping to 4.65% from 4.69%. Nvidia and Micron Technology saw declines of 3.9% and 6.2%, respectively, while Microsoft and Apple rose by 2.3% and 1.3%.

The market is bracing for a busy week ahead, with key updates on the economy and company earnings due out. The Federal Reserve will provide an update on its interest rate policy Wednesday, which could influence inflation and economic growth.