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U.S. Stocks Turn Unsteady as Oil Prices Fall on Iran Peace Hopes
US stocks slipped unsteadily as oil prices fell on Iran peace hopes, with the S&P 500 ending down 0.51%.
Key points
- Apple beat quarterly expectations on early iPhone 18 Pro demand and price increases that offset rising memory-chip costs.
- Oracle plans to raise US$20 billion through a debt and share sale, and its shares fell almost 9%.
- Intel fell 8.8% after a 29% drop on Friday, following a forecast of quarterly revenue below market estimates.
Why it matters. Investors remain concerned about AI spending outpacing cash generation, and rising borrowing costs could make debt-funded spending harder to justify.
The S&P 500 ended down 0.51% at 7,541.40 points on Monday as US crude settled 7.4% lower at US$96.46 a barrel on hopes for a US-Iran peace agreement. Apple shares dipped 1.5% before the iPhone maker's quarterly results beat expectations, driven by early demand for its iPhone 18 Pro lineup. Oracle fell almost 9% after filings showed a plan to raise US$20 billion via debt and shares, while Marvell Technology tumbled 13% on its $115 billion Lumentum deal.
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U.S. Stocks Turn Unsteady as Oil Prices Fall on Iran Peace Hopes
The S&P 500 ended lower on Monday as crude oil prices fell sharply on optimism about a potential peace agreement between the United States and Iran. Apple shares dipped ahead of the iPhone maker's quarterly report. Longer-dated U.S. Treasury yields moved lower, and Iran reportedly indicated it was open to peace talks after eight months of war in the Middle East. The TSX closed higher, helped by materials stocks as gold prices strengthened. Investors were also awaiting Tuesday's U.S. midterm elections, which could affect market sentiment in the coming days.