Oil prices rose and U.S. stocks fell after American forces struck Iranian rocket launchers on the Strait of Hormuz, marking the first military action in a month.
Brent crude rose 2.7% Monday, closing back above $90 a barrel. The S&P 500 fell 0.3%, the Dow Jones Industrial Average dropped 374 points, or 0.7%, and the Nasdaq slipped 0.1%. Still, all three indexes closed with gains for the month of August.
The yield on the 10-year Treasury rose to 4.75%, around the level seen two weeks ago when the Trump administration took the unusual step of announcing it would intervene in the bond market.
On Monday:
The S&P 500 fell 25.62 points, or 0.3%, to 7,686.14.
The Dow Jones Industrial Average fell 374.09 points, or 0.7%, to 53,185.90.
The Nasdaq composite fell 31.53 points, or 0.1%, to 26,370.89.
The Russell 2000 index of smaller companies fell 15.92 points, or 0.5%, to 2,956.45.
For the year:
The S&P 500 is up 840.64 points, or 12.3%.
The Dow is up 5,122.61 points, or 10.7%.
The Nasdaq is up 3,128.90 points, or 13.5%.
The Russell 2000 is up 474.54 points, or 19.1%.
