STOCKS | Tech Shares Drag Wall Street Lower After Trump Says US to Reinstate Iran Port Blockade

U.S. stocks fell on Monday, led by declines in technology shares, after U.S. President Donald Trump said he would reinstate a blockade on Iranian ports, lifting oil prices and weighing on risk appetite, according to RTHK. The Nasdaq Composite dropped 1.6% to 25,873, the S&P 500 fell 0.8% to 7,515, and the Dow Jones Industrial Average slipped 0.3% to 52,498, with the Dow cushioned by gains in energy stocks as crude prices surged. The Philadelphia SE Semiconductor Index was the weakest performer, with SanDisk, Marvell Technology and Intel down between 6.1% and 12.6%. US-listed shares of South Korean chipmaker SK Hynix fell 9.3% after rising more than 12% on Friday in their Nasdaq debut. Crude settled up 9.4% amid concerns about restricted traffic through the Strait of Hormuz and potential inflation pressures. Federal Reserve Chair Kevin Warsh is due to give his first semiannual testimony before Congress on Tuesday and Wednesday. Markets are pricing in at least one 25-basis-point rate hike by year-end, according to LSEG data. Investors are also watching a heavy week of earnings and economic data, including CPI and PPI releases. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo are scheduled to report quarterly results on Tuesday, marking the unofficial start of second-quarter earnings season.