Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Monday as the U.S. and Iran continue to quarrel over the Strait of Hormuz, sending oil prices higher.
News That Moved the Stock Market Today
- Over the weekend, Iran presented a new set of requirements to the U.S. for reopening Hormuz. The conditions include war damage reparations, the release of billions of dollars in frozen Iranian assets, and the end of attacks and threats from the U.S. and its allies.
- In response, Trump demanded that Iran compensate the U.S. and the families of American soldiers it has killed in combat. In addition, Trump said that compensation should be provided to the “thousands of innocent protestors that Iran has killed over the last 50 years.”
- Brent crude (BZ), the global oil benchmark, rose nearly 5% on the day as Hormuz remains effectively closed. 15 vessels crossed the waterway on Friday, falling to 11 on Saturday and six on Sunday.
- JPMorgan Chase (JPM) raised its 2026 year-end S&P 500 (SPX) price target to 8,000 from 7,800. The firm expects the index to benefit from strong earnings and returns on AI investments.
- Nvidia (NVDA) closed in the red following reports that Microsoft (MSFT) will launch its next-generation Maia 300 AI chip next month. At the same time, Bernstein analyst Mark Moerdler raised his MSFT price target to $660 from $647.
- Intel (INTC) faced pressure after announcing that it would issue $15 billion in common stock.
- Apple (AAPL) closed in the red after Jefferies slashed its price target to $263.66 from $285.56. Jefferies attributed the lower target to reports that Apple canceled the release of its all-glass iPhone scheduled for release in 2027.