Stocks Retreat As US-Iran Tensions Lift Oil Prices

Wall Street stocks fell on Monday as early gains faded amid escalating US-Iran conflict, higher oil prices and caution ahead of key earnings reports, according to RTHK reported. Iranian President Masoud Pezeshkian said the country was engaged in a full-scale war with the United States, while Houthi rebels said they would blockade Saudi ports. Brent oil futures ended up 1.3 percent at US$89.22 per barrel after earlier topping US$90, and US petrol prices rose back above US$4 a gallon, the AAA motor club said. Patrick O'Hare of Briefing.com said investors were still hesitant over whether tech earnings would meet elevated expectations tied to artificial intelligence. The S&P 500 fell 0.2 percent to 7,443, the Dow dropped 0.6 percent to 51,839 and the Nasdaq was down less than 0.1 percent at 25,508.