WASHINGTON (dpa-AFX) - Stocks have moved modestly lower during trading on Monday, adding to the steep losses posted during last Friday's session. The major averages have all moved to the downside, with the Nasdaq and S&P 500 pulling back further off their record highs.
Currently, the Dow is down 31.48 points or 0.1 percent at 49,494.69, the S&P 500 is down 22.24 points or 0.3 percent at 7,386.26 and the Nasdaq is down 166.19 points or 0.6 percent at 26,058.95.
The weakness on Wall Street comes amid lingering concerns about the conflict in the Middle East, as President Donald Trump has warned Iran the 'clock is ticking.'
Trump said in a post on Truth Social that Iran 'better get moving, FAST, or there won't be anything left of them,' leading to worries about the U.S. renewing military action.
A report from Axios citing two U.S. officials said Trump is expected to convene his top national security team in the Situation Room on Tuesday to discuss military options.
The U.S.-Iran war has effectively closed the vital Strait of Hormuz, leading to a spike in crude oil prices and subsequent concerns about inflation and the outlook for interest rates.
Treasury yields soared last Friday amid speculation the Federal Reserve's next interest rate move could be an increase rather than a cut.
The price of crude oil and treasury yields have moved to the upside over the course of the day, adding to the negative sentiment on Wall Street.
In U.S. economic news, the National Association of Home Builders released a report showing an unexpected improvement in homebuilder confidence in the month of May.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in May after slumping to a seven-month low of 34 in April. Economists had expected the index to remain unchanged.
Sector News
Computer hardware stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Computer Hardware Index down by 2.9 percent.
Significant weakness is also visible among semiconductor stocks, as reflected by the 2.2 percent slump by the Philadelphia Semiconductor Index.
On the other hand, oil service stocks have moved sharply higher amid an increase by the price of crude oil, driving the Philadelphia Oil Service Index up by 3.2 percent.
Airline, oil producer and retail stocks are also seeing notable strength on the day, helping to limit the downside for the markets.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan's Nikkei 225 Index slid by 1 percent, while Hong Kong's Hang Seng Index slumped by 1.1 percent.
Meanwhile, the major European markets have moved to the upside over the course of the session. While the French CAC 40 Index is up by 0.6 percent, the U.K.'s FTSE 100 Index is up by 1.4 percent and the German DAX Index is up by 1.6 percent.
In the bond market, treasuries have moved to the downside after seeing early strength. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.0 basis points at 4.605 percent.
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