NEW YORK (AP) — The U.S. stock market’s record-breaking rally is slowing on Monday after uncertainty rose over the weekend about what will happen next in the Iran war, while oil prices are rising.
The S&P 500 edged down by less than 0.1%, coming off its latest all-time high driven by strong profit reports from U.S. companies and hopes that the United States and Iran can avoid a worst-case scenario for the economy because of their war. The Dow Jones Industrial Average was up 86 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq was 0.3% lower after setting its own record.
The moves were stronger in the oil market, where prices climbed more than 1.5% as tankers still find the Strait of Hormuz effectively closed. That’s keeping crude stuck in the Middle East and away from customers worldwide, including crude produced by Iran that’s being blockaded by the U.S. Navy.
Iran has offered to reopen the strait if the United States ends its blockade, while proposing that discussions on the larger question of its nuclear program would come in a later phase. But U.S. President Donald Trump seems unlikely to accept the offer, which was passed to the Americans by Pakistan.
Over the weekend, Trump told U.S. envoys not to go to Pakistan, which has been playing a crucial mediating role. By saying the Iranians could call Washington with any proposal, Trump appeared to signal he’s content to try to continue to squeeze Iran with the blockade.
The price for a barrel of Brent crude to be delivered in June climbed 1.7% to $107.09. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 1.7% to $100.90 per barrel.
Brent prices were at only roughly $70 per barrel before the war and have briefly shot above $119 a couple times when fear about the war have hit their heights.
Most big U.S. companies have nevertheless been reporting profits for the start of 2026 that have topped analysts’ expectations. That’s helped the S&P 500 jump more than 12% since hitting a low in late March.
Verizon Communications joined the list, and its stock climbed 3.6% after the company said it added more postpaid phone customers than it lost during a first quarter for the first time since 2013. It also raised its forecast for profit growth this year, even though its revenue for the first quarter fell short of analysts’ expectations.
Domino’s Pizza helped drag on the market and fell 7.7% after it reported weaker profit and revenue for the latest quarter than analysts expected.
Source: WPLG
