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Stocks Pressured by Economic Fallout from Iran War
Barchart - Mon Mar 30, 3:39PM CDT
The S&P 500 Index ($SPX) (SPY) on Monday closed down -0.39%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.78%. June E-mini S&P futures (ESM26) fell -0.43%, and June E-mini Nasdaq futures (NQM26) fell -0.88%.
Stock indexes gave up an early advance on Monday and settled mixed, with the S&P 500 posting a 7.5-month low and the Nasdaq 100 posting a 7.75-month low. Concerns that a protracted war in the Middle East will derail economic growth weighed on stocks on Monday, along with a sell-off in chip stocks. Strength in software stocks kept the Dow Jones Industrial Average in positive territory.
Stock indexes initially moved higher on Monday as a decline in bond yields sparked some short covering. The 10-year T-note yield fell by -8 bp on Monday to 4.34%, amid fears that the war in the Middle East will lead to a fuel shortage that derails global economic growth, offsetting inflation fears and possibl... Read more
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