US open: Stocks lower as Iran pushes back on Hormuz negotiations

(Sharecast News) - Major indices were lower at the strart of trading on Monday as optimism over a potential USIran agreement to reopen the Strait of Hormuz faded.

As of 1500 BST, the Dow Jones Industrial Average was down 0.10% at 53,980.55, while the S&P 500 shed 0.03% to 7,754.94 and the Nasdaq Composite came out of the gate 0.26% weaker at 26,622.35.

The Dow opened 56.38 points lower on Monday, taking a bite out of gains recorded in the previous session as a much weaker-than-expected non-farm payrolls report made a September rate hike from the Federal Reserve appear unlikely.

However, investor sentiment weakened before the open after Iran said that it was not engaged in any direct negotiations with Washington on restoring free passage through the key shipping corridor.

Iran's foreign minister Abbas Araghchi said there was "no possibility of restarting negotiations" with the US if it continued to violate the pair's June memorandum of understanding, without compensating for its "violations". Tehran did announce that it was closing in on a deal with Oman to re-open the Strait of Hormuz.

As a result, West Texas Intermedia crude rose 1.51% to $79.36 a barrel on as traders reassessed the geopolitical backdrop, while international benchmark Brent crude also moved 1.66% higher to $84.94 a barrel.

Hopes for a breakthrough had been lifted last week after Treasury Secretary Scott Bessent told CNBC a deal was close. However, Donald Trump later told Axios on Sunday that the US was "only seminegotiating" with Iran and intended to maintain economic pressure.

No major corporate earnings or data points were scheduled for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $190.97 2.18%

Dow Chemical Co. (DOW) $29.70 1.77%

Cisco Systems Inc. (CSCO) $122.86 1.53%

Unitedhealth Group Inc. (UNH) $412.36 1.40%

Amgen Inc. (AMGN) $409.51 1.34%

Nike Inc. (NKE) $41.77 0.55%

Merck & Co. Inc. (MRK) $128.85 0.44%

Goldman Sachs Group Inc. (GS) $1,042.81 0.29%

JP Morgan Chase & Co. (JPM) $358.36 0.22%

Visa Inc. (V) $362.73 0.21%

Dow Jones - Fallers

Intel Corp. (INTC) $96.99 -3.58%

Apple Inc. (AAPL) $306.42 -2.22%

Home Depot Inc. (HD) $351.00 -1.78%

Verizon Communications Inc. (VZ) $46.40 -1.19%

Travelers Company Inc. (TRV) $380.33 -0.89%

Boeing Co. (BA) $233.30 -0.82%

International Business Machines Corporation (CDI) (IBM) $236.47 -0.63%

Procter & Gamble Co. (PG) $145.09 -0.57%

3M Co. (MMM) $181.98 -0.46%

Coca-Cola Co. (KO) $86.71 -0.45%

S&P 500 - Risers

Apache Corp. (APA) $39.15 9.55%

Vertex Pharmaceuticals Inc. (VRTX) $529.28 8.97%

Take-Two Interactive Software Inc. (TTWO) $256.16 6.28%

Align Technology Inc. (ALGN) $174.48 5.07%

Diamondback Energy Inc. (FANG) $194.32 4.14%

Helmerich & Payne Inc. (HP) $39.19 4.04%

Valero Energy Corp. (VLO) $309.68 3.99%

Hewlett Packard Enterprise (HPE) $54.69 3.96%

Occidental Petroleum Corp. (OXY) $58.16 3.76%

NetApp Inc. (NTAP) $196.96 3.73%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Akamai Technologies Inc. (AKAM) $114.20 -5.86%

eBay Inc. (EBAY) $107.94 -4.03%

Seagate Technology Plc (STX) $799.46 -3.62%

Intel Corp. (INTC) $96.99 -3.58%

DENTSPLY Sirona Inc. (XRAY) $12.03 -3.57%

News Corp Class B (NWS) $32.67 -3.21%

Fortune Brands Innovations, Inc. (FBIN) $49.33 -3.15%

F5 Inc. (FFIV) $401.83 -3.07%

Molson Coors Beverage Co. Class B (TAP) $41.97 -3.07%

Nasdaq 100 - Risers

Vertex Pharmaceuticals Inc. (VRTX) $531.30 8.94%

Take-Two Interactive Software Inc. (TTWO) $255.84 6.28%

Align Technology Inc. (ALGN) $174.48 5.07%

Skyworks Solutions Inc. (SWKS) $69.60 3.69%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $557.91 2.88%

Regeneron Pharmaceuticals Inc. (REGN) $793.00 2.73%

Incyte Corp. (INCY) $121.68 2.40%

Gilead Sciences Inc. (GILD) $134.05 1.68%

Intuitive Surgical Inc. (ISRG) $383.28 1.62%

Check Point Software Technologies Ltd. (CHKP) $129.52 1.57%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Liberty Global plc Series A (LBTYA) $10.40 -4.07%

eBay Inc. (EBAY) $107.79 -4.03%

Liberty Global plc Series C (LBTYK) $10.15 -3.89%

Seagate Technology Plc (STX) $799.22 -3.70%

Intel Corp. (INTC) $96.86 -3.58%

DENTSPLY Sirona Inc. (XRAY) $12.02 -3.57%

Western Digital Corp. (WDC) $434.70 -3.01%

American Airlines Group (AAL) $15.65 -2.86%

Charter Communications Inc. (CHTR) $151.41 -2.78%