Tech shares pulled U.S. stocks lower on Monday after President Donald Trump announced that he would reinstate a blockade on Iranian ports, marking the latest escalation in U.S.-Iran hostilities. The move sent oil prices sharply higher and dampened overall risk appetite.
Investors are now bracing for a packed week of earnings, economic data and congressional testimony from U.S. Federal Reserve Chair Kevin Warsh. Among the three major indexes, the tech-heavy Nasdaq led losses, followed by the S&P 500, while the Dow’s decline was cushioned by gains in energy stocks tracking the surge in crude prices due to restricted traffic through the Strait of Hormuz.
