US Stock Market Opens Cautiously Amid Oil Price Surge and Intel Share Sale

The US stock market opened cautiously on Monday, with the three main benchmarks barely moving at the bell. However, beneath this calm surface, a lot was happening. Crude oil prices surged as doubts grew that Washington and Tehran would finalize a deal to ease shipping traffic through the Strait of Hormuz. WTI crude rose 2.4% to above $80 a barrel, while Brent crude climbed a similar amount to above $85.

Intel's surprise share sale was another major drag on the market. The chipmaker announced plans to raise $15 billion through a stock offering, which sparked dilution concerns among existing shareholders. This move comes after Intel's nearly threefold rally this year, with proceeds earmarked to fund its costly push into contract chip manufacturing.

The S&P 500 hovered near the flatline, while the Nasdaq briefly slipped and the Dow shed close to 60-100 points in early trade before recovering some ground through the session. The tug of war between hopes for a softer jobs report keeping the Fed on hold versus nerves over an unresolved Iran-Hormuz standoff pushed energy costs higher.

Gold prices eased as a firmer dollar capped its advance, trading near $4,332-4,335 an ounce. Bitcoin held above the closely watched $65,000 level for a fourth straight session, recovering from an early-August dip near $62,235.