STOCKS | U.S. Stocks Fall As Iran Strikes Lift Oil And Dollar

U.S. stocks fell on Sunday after renewed fighting between the United States and Iran pushed oil prices higher and weighed on futures, while the dollar strengthened against the yen, according to ETNet. The U.S. military on Sunday struck Iranian rocket launchers that were preparing to lay mines in the Strait of Hormuz, and Iran later fired missiles at U.S. ships in the strait. Brent crude climbed back above $90 a barrel and U.S. crude rose above $85. The Dow Jones Industrial Average fell 9.45 points, or 0.02%, to 53,559.99. The S&P 500 dropped 19.23 points, or 0.25%, to 7,711.76, and the Nasdaq Composite lost 138.93 points, or 0.52%, to 26,402.42. For the week, the S&P 500 rose about 0.5%, the Nasdaq gained about 0.9% and the Dow added about 0.5%, marking their first weekly advance in nearly three weeks. Nvidia fell 4.6% and Marvell Technology dropped 10.3% after quarterly results. Gap rose more than 12% after naming a new chief executive for its Old Navy brand. Gold also retreated sharply, with spot gold briefly falling to about $4,445 an ounce and U.S. gold futures down about 3.4% to around $4,504. Kevin Warsh said the Federal Reserve must be convinced core inflation is moving clearly and fast enough toward its 2% target, or there is still work to do, reinforcing expectations that upcoming inflation and employment data will be key to the September policy meeting.