The S&P 500 and the Nasdaq fell on Monday as a fresh escalation between the U.S. and Iran in the Gulf pushed oil prices higher and unnerved investors, while chip stocks extended their recent declines.
Iran and the U.S. exchanged attacks over the weekend and Tehran said it had closed the Strait of Hormuz, a vital conduit for global energy supplies. The escalation undercuts an interim U.S.-Iran agreement signed last month that aimed to reopen the strait and end the war after 60 days of negotiations.
