The S&P 500 Index ($SPX) (SPY) closed down by -0.52% on Monday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.51%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.17%. E-mini S&P futures (ESU26) fell -0.48%, and September E-mini Nasdaq futures (NQU26) fell -0.17%. Stock indices settled lower on Monday, with the Dow Jones Industrials falling to a 2-week low.
The prospects for the US-Iran war to continue boosted crude oil prices to a 3-week high and weighed on market sentiment on Monday after President Trump said he's not interested in extending the expiring 60-day truce with Iran. The jump in crude oil prices also boosted inflation expectations and bond yields, bearish factors for stocks. The 10-year T-note yield rose +3 bp to 4.72%.
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Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Stocks initially found support on Monday amid strength in technology stocks after stellar revenue growth at Anthropic PBC bolstered the view that spending on artificial intelligence will be sustained. Anthropic told prospective investors that its Q2 revenue jumped by at least 14-fold from the same period last year, according to a report today by Bloomberg.
However, the weakness in software stocks is weighing on the Dow Jones Industrial Average. Stocks also found support on some better-than-expected US economic news. The Aug Empire manufacturing survey general business conditions index unexpectedly rose +5.0 to a 4.5-year high of 20.6, stronger than expectations of a decline to 10.0.
Also, the Aug NAHB housing market index unexpectedly rose +1 to 35, stronger than expectations of a decline to 33. Signs of weakness in China's economy undercut global growth prospects and were negative for stocks. China's July industrial production rose +4.5% y/y, weaker than expectations of +5.0% y/y.
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