Markets Right Now: Oil prices surge, but US stocks drift
NEW YORK (AP) — The latest on developments in financial markets (all times local):
The price of crude oil surged after the U.S. moved to further block Iranian oil exports.
That helped lift energy stocks Monday, but losses elsewhere in the market held indexes in check.
The S&P 500 flip-flopped between modest gains and losses in morning trading, much as it has the last few weeks.
The Trump administration said it will no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil, including China and Japan.
That helped the price of benchmark U.S. crude touch its highest level since October.
Real estate stocks and companies that make basic materials fell.
The S&P 500 edged up 1 point to 2,906.
The Dow Jones Industrial Average fell 17 points, or 0.1%, to 26,541. The Nasdaq rose 2 points to 8,000.
Stocks are opening mostly lower on Wall Street following a long holiday weekend, while energy stocks rose along with crude oil prices.
Benchmark U.S. crude oil rose 2.4% early Monday after the U.S. said it wouldn’t renew waivers to five countries exempting them from sanctions if they continued to import oil from Iran.
Marathon Oil jumped 2.7%. Other energy companies also rose.
Elsewhere, technology stocks and companies that rely on consumer spending posted some of the biggest losses.
Western Digital fell 2.3% and Mattel dropped 3.9%
The S&P 500 fell 8 points, or 0.3%, to 2,896.
The Dow Jones Industrial Average fell 84 points, or 0.3%, to 26,472. The Nasdaq fell 29 points, or 0.4%, to 7,968.
Bond prices fell. The yield on the 10 year Treasury rose to 2.57%.