The S&P 500 slid 0.79% to 7,515.34, while the Nasdaq Composite closed down 1.55% at 25,873.18, and the Dow Jones declined 0.26% to 52,498.64. Stocks fell after President Donald Trump announced he was reinstating what he called a blockade on Iranian shipping through the Strait of Hormuz, sending oil prices higher. Semiconductor stocks declined, led by shares of memory maker SK Hynix.
→ Major U.S. banks—JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup—report earnings this week, alongside quarterly results from Netflix, Johnson & Johnson and UnitedHealth.
→ Producer Price Index (June) data and Retail Sales (June) figures drop Wednesday and Thursday respectively.
→ The worry is that elevated energy prices could fuel higher inflation, which could cause the Federal Reserve to raise interest rates and reduce risk appetite.