US stocks started the week lower, with the S&P 500 down 0.5%, the Nasdaq off 0.5% and the Dow Jones shedding about 380 points, as another jump in oil prices weighed on sentiment and hopes for a US–Iran deal diminished. At the same time, Treasury yields extended their climb to multi‑year highs, reflecting concerns that higher energy costs could further fuel inflation and increase the chances of additional interest rate hikes.
Investors are now looking ahead to key economic releases this week, including the PCE price index and the monthly jobs report, for fresh indications of the strength and trajectory of the US economy.
On a sector level, materials and consumer discretionary names led the declines, while energy was the only sector in positive territory. Mega-cap tech stocks were mostly weaker, with Alphabet down 0.7%, Microsoft 2.2%, Amazon 1.4%, Meta 3.1% and Tesla 1.4%. In contrast, Nvidia outperformed, rising 3.2% after its board approved an additional $150 billion for share repurchases, bringing the total authorization to $235 billion, supported by record spending on artificial intelligence.
