US Stock Markets Slip Amid Oil Price Surge and Geopolitical Tensions

US stock markets closed Monday's session with modest losses, as higher oil prices and rising Treasury yields overshadowed strong corporate earnings. The Dow Jones Industrial Average declined 60.95 points, or 0.11%, to close at 53,975.98, while the S&P 500 shed 4.53 points, or 0.06%, finishing at 7,753.11.

The tech-heavy Nasdaq Composite underperformed, dropping 85.26 points, or 0.32%, to settle at 26,605.36. The primary catalyst for the market's cautious tone was fading optimism surrounding a potential US-Iran agreement to reopen the strategic Strait of Hormuz, which sent oil prices soaring by over 5% and reintroduced inflationary concerns.

Chevron emerged as the standout performer, rallying 4.48% on higher oil prices, while Intel weighed heavily on the index after announcing a $15 billion common stock offering, raising concerns about shareholder dilution. The energy sector jumped 2.6%, as investors priced in a geopolitical risk premium.

The S&P 500's resilience suggests that strong underlying earnings fundamentals are providing a floor for the market, despite headwinds from rising yields and geopolitical uncertainty.