US stocks: Wall Street ends down as expectations of Hormuz deal fade
All three major indices closed lower for the day
US stocks experienced a decline on Monday (Aug 10) as optimism surrounding a potential deal to reopen the Strait of Hormuz waned. The Nasdaq and S&P 500 both closed lower, with Intel and other chipmakers contributing to the downward trend. US President Donald Trump had called for Iran to compensate for the losses it allegedly caused in conflicts, raising concerns about a resolution to the Middle East crisis.
This uncertainty led to a 5% increase in US crude oil prices, settling at $82.13 per barrel. The chipmaker Intel saw a 4.1% drop after revealing plans to raise $15 billion through a share sale. The S&P 500 set a record closing high on Friday, driven by robust earnings, but market sentiment was dampened by the Iran situation. Intel's stock declined 2.9% on the same day, while Nvidia also dropped 2.9%.
The S&P 500 ended the session at 7,753.12 points, while the Nasdaq fell 0.32% to 26,605.36 points, and the Dow Jones Industrial Average slipped 0.11% to 53,976.04 points. Traders are now closely monitoring upcoming reports and Federal Reserve meetings for potential interest rate changes.
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