Wall Street Today: DJIA, S&P 500, Nasdaq Comp Fall as TSLA, INTC and META Ease on Fresh Iran War Worries

The S&P 500 and Nasdaq Composite fell Monday for the first time since setting three straight days of record finishes last week, sinking as oil prices soared on fears that the U.S.-Iran War might soon heat up again.

The $Nasdaq Composite Index (.IXIC.US)$ fell 64.09 points (0.3%) to a 24,404.39 close, while the $S&P 500 Index (.SPX.US)$ shed 16.92 ticks (0.2%) to 7,109.14.

Both indexes had set new intraday and closing records last Wednesday, Thursday and Friday, while the Nasdaq Comp had risen for 13 straight sessions for the first time since 1992.

However, the two indexes fell on Monday amid increased fears that Washington and Tehran might not extend their 14-day ceasefire in the U.S.-Iran War beyond Wednesday's scheduled expiration.

That sent the $Dow Jones Industrial Average (.DJI.US)$ down as well, off 4.87 points (0.01%) to 49,442.56.

Macro

All three indexes eased as $Crude Oil Futures (JUL6) (CLmain.US)$ rose as much as 8.5% to an $89.60-a-barrel session high on the New York Mercantile Exchange amid fears of continued Mideast turmoil.

War jitters rose after the United States fired on and seized an Iranian cargo ship Sunday in the Gulf of Oman as part of an American blockade of Tehran's ports.

The blockade came amid Iran's renewed vow to keep the key Strait of Hormuz closed to most shipping despite promises to reopen the waterway.

Some 20% of global oil supplies normally flow through the strait on tankers, but few ships have gone through since the war began due to Iranian threats to attack them.

Monday's higher oil prices hurt stocks amid renewed fears that they could spark global inflation, higher interest rates and recessions – all traditionally bad things for equities.

That helped cool down recent gains by Big Techs on renewed enthusiasm for the artificial-intelligence build-out. Select large techs to fall on Monday's included $Intel (INTC.US)$(off 4.1%), $Meta Platforms (META.US)$ (2.6% lower) and $Tesla (TSLA.US)$(down 2%).

However, Wall Street's negative tone didn't extend to cryptocurrencies, which rose slightly.

$Bitcoin (BTC.CC)$ added 1.8% to $76,341.64 as of about 4:15 p.m. New York time, while $Ethereum (ETH.CC)$ gained 1.5% to $2,333.41, $Solana (SOL.CC)$added 0.61% to $85.90 and $Ripple (XRP.CC)$improved by 0.58% to $1.43.

Moo-vers

The "Magnificent Seven" stocks followed the broader market's lead and ended Monday's session mostly lower.

$Meta Platforms (META.US)$ and $Tesla (TSLA.US)$ led the way downward with their previously noted declines of 2.6% and 2%, respectively.

Other Mag-7 decliners included $Alphabet-A (GOOGL.US)$ (off 1.3%), $Microsoft (MSFT.US)$ (1.1% lower) and $Amazon (AMZN.US)$ (which lost 0.9%).

Only $Apple (AAPL.US)$(up 1%) and $NVIDIA (NVDA.US)$ (0.2% better) managed to gain ground.

Looking beyond the Mag-7, Monday's significant percentage gainers included:

-- $AEVEX Corp (AVEX.US)$, which rallied 24.1% to $33.41. The drone maker rose for a second session after going public last week at $20 a share. It's gained 67.1% since then.

-- $POET Technologies (POET.US)$, up 18.3%. The Canadian optical-technologies firm continued to rebound from a sell-off sparked last week by a short-seller raising questions about how U.S. investors would deal with tax treatment of the company's large cash pile. Shares have been rebounding ever since management said it would help U.S. shareholders make an election of their tax returns to avoid problems.

-- $USA Rare Earth (USAR.US)$, 13.2% better. The rare-earth-metals firm rose on word of a $2.8 billion deal to buy Brazilian mining company Serra Verde Group.

-- $Hims & Hers Health (HIMS.US)$, 7.6% firmer. The online-pharmaceuticals seller rose for a sixth session on continued enthusiasm for news that U.S. regulators will likely approve retail sales of health supplements knows as peptides, which HIMS will likely sell.

-- $Ondas (ONDS.US)$, 7.3% stronger at $10.73. The drone firm gained ground in part on a $10 million order from the Israeli Defense Ministry. It's also rebounded 37.9% from a $7.78 near-term low hit on March 30.

-- $Marvell Technology (MRVL.US)$, which added 5.8%. The chip designer gained ground after publication The Information reported that GOOGL might tap Marvell to create chips for two new AI processors.

Conversely, Monday's noteworthy percentage losers included:

-- $Sidus Space (SIDU.US)$, down 18.9%. The space-solutions firm fell on a $58.5 million secondary offering that will presumably dilute existing shareholders.

-- $AST SpaceMobile (ASTS.US)$, off 5.3%. The satellite-telecom firm lost altitude after its BlueBird 7 satellite entered the wrong orbit after a launch aboard a rocket fired by Jeff Bezos' privately held Blue Origin company. While ASTS considers the satellite lost, insurance will reportedly cover its cost.

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.

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