Wall Street Muted by Ongoing Middle East Tensions
Wall Street's main indexes were subdued on Monday after a recent rally that took the S&P 500 and the Dow to record highs, as investors weighed Middle East developments that lifted oil prices.
The Strait of Hormuz situation remains uncertain, with Iran saying it was close to a final agreement with Oman defining new shipping lanes between them. However, Iran repeated its stance that the US must meet several conditions before the strategic waterway reopens.
Brent crude prices gained more than 4 percent on Monday as Iran's insistence left the outlook for the Strait of Hormuz's reopening murkier.
Investors are now focused on consumer and producer inflation readings due later this week, which could offer clues on the Federal Reserve's monetary policy path. Rate-hike bets were tempered on Friday after data showed the US economy unexpectedly shed jobs in July.