U.S. stocks fell for a third straight session on Monday as the U.S.-Iran war entered its tenth consecutive night of strikes, oil climbed back toward $90 a barrel, and bitcoin held near $65,000 per coin while equities struggled to find a footing.
Key Takeaways
The Dow fell 307 points and the S&P 500 dropped 0.2% as the Iran war reached its 10th night of strikes.Trump vowed Iran will “pay many times over” for American deaths after the toll reached 17 U.S. troops killed. Bitcoin held near $65,000 and a $1.306 trillion market cap even as Wall Street posted its third losing day.All three indexes opened higher in the morning, with the Nasdaq up as much as 1.2% in early trading. Gains faded as the day wore on and headlines from the Middle East took over investor attention. Traders are also bracing for a heavy earnings week, with Tesla, Alphabet, Intel, and several major banks set to report.
Strikes Continue Into a 10th NightU.S. Central Command said American forces carried out their 10th straight night of strikes on Iran early Monday, part of a campaign the military says is aimed at forcing open the Strait of Hormuz after repeated attacks on shipping. The conflict has run since the U.S. and Israeli strikes on Iran in late February, and a ceasefire attempted earlier this month collapsed after renewed fighting.
The Pentagon has confirmed the deaths of American service members in recent days, including troops killed in Jordan and Iraq. The source report puts the toll at 17 U.S. troops killed and roughly 430 wounded since the war began, figures that remain difficult to verify in full given the pace of fighting.
“Every time Iran kills an American Soldier they will pay for that killing many times over! This directive has been passed on to Secretary of War, Pete Hegseth, Chairman of the Joint Chiefs of Staff, Daniel Caine, and every Leader in the Military.”
Oil and Gas Prices Stay Elevated How Stocks Broke Down by SectorEnergy and materials shares held up better than the rest of the market on Monday, giving traders a place to hide from the broader decline. Industrials and financials, both heavily represented in the Dow, took the brunt of the selling as investors weighed the cost of a longer war. The Russell 2000 index of small companies fell about 0.7%, a larger drop than the major indexes, as smaller firms felt the pinch of higher borrowing costs and a shakier economic outlook.
