US Stocks Hold Steady as Crude Prices Rise Amid Strait of Hormuz Uncertainty

The US stock market is holding steady near its all-time high, while crude oil prices rise due to uncertainty over the Strait of Hormuz. The S&P 500 barely changed in early trading on Monday, following its record set on Friday. The Dow Jones Industrial Average slipped 72 points, and the Nasdaq composite fell 0.1%.

Several big tech stocks were falling, including Apple and Intel, but Berkshire Hathaway rose after delivering a stronger profit than analysts expected. Brent crude rose 1.6%, with futures for the S&P rising 0.2% and Nasdaq futures up 0.14%. The energy sector is rising in tandem with oil prices.

Inflation data will be the focus this week, with new figures from July due on Wednesday. Economists expect a slight easing from June. Oil prices are also being driven by uncertainty over when the Strait of Hormuz can reopen and get global crude flows going again. Negotiators said that a deal to establish a safe shipping route was close, but Iran may now be exploring how much it can extract from the US in return.