US stocks edge higher, while oil prices rise ahead of a blockbuster week for Wall Street
AP News • • business
Key Points:
- The U.S. stock market showed mixed results on Monday, with the S&P 500 slightly up by 0.1%, the Dow Jones down 0.1%, and the Nasdaq up 0.1%, amid uncertainty over the Iran conflict and rising oil prices.
- Oil prices surged over 2% due to the effective closure of the Strait of Hormuz, with Brent crude rising to $108.23 for June delivery, driven by the U.S. blockade of Iranian oil exports.
- Iran proposed reopening the strait if the U.S. ends its blockade, but President Trump rejected mediation efforts, signaling a continued squeeze on Iran.
- Several major U.S. companies, including Verizon, reported better-than-expected profits, supporting the market rally, while Domino’s Pizza shares fell after weaker earnings.
- The Federal Reserve is expected to hold interest rates steady this week amid rising oil prices and inflation concerns, with Chair Jerome Powell’s term ending soon; other central banks including the ECB, Bank of Japan, and Bank of England will also announce rate decisions.
