Stocks fell on Monday after the U.S. and Iran traded fire for the first time in a month, though the major averages still closed out August with gains.
The S&P 500 slipped 0.33% to 7,686.14, while the Nasdaq Composite shed 0.12% to close at 26,370.89. The Dow Jones Industrial Average slid 374.09 points, or 0.7%, lower, to end at 53,185.90. The 30-stock index was dragged down by losses in Goldman Sachs and Alphabet.
On Sunday, U.S. Central Command confirmed to MS NOW that the U.S. struck two rocket launchers on Iran’s Larak Island.
Sunday’s attack was the first publicly acknowledged U.S. strike on Iranian positions since late July, with Iranian state media reporting that Tehran had attacked U.S. bases in Jordan in retaliation.
Oil prices jumped after the hostilities resumed. U.S. West Texas Intermediate oil settled up 2.83% at $85.76 per barrel. Global benchmark Brent crude oil futures were up 2.71% to settle at $90.49 a barrel.
Longer-dated Treasury yields rose alongside oil prices Monday, adding to the downbeat sentiment in equities.
While Tom Hainlin of U.S. Bank Asset Management noted that oil’s current levels are “a little high,” the latest advance shouldn’t be significantly damaging.
“The world’s got enough oil for what it needs, and $80 to $90 is not so restrictive that it collapses the economy,” the firm’s national investment strategist said. “Today’s indication just puts us at the high end of that range, but it doesn’t change our outlook for the consumer, for business, for AI, manufacturing reshoring or continued electrification of the economy.”
If oil climbs above $100 a barrel, then that may start to get “pretty prohibitive,” he added.
Source: https://www.cnbc.com/2026/08/30/stock-market-today-live-updates.html