U.S. stocks ended mixed on Monday as investors weighed escalating tensions in the Middle East and their potential impact on global oil supplies.
The Dow Jones Industrial Average fell 73.14 points or 0.15 percent to 48,904.78. The S and P 500 added 2.74 points or 0.04 percent to 6,881.62. The Nasdaq Composite Index increased 80.65 points or 0.36 percent to 22,748.86.
Seven of the 11 primary S and P 500 sectors ended in the red. Consumer staples and consumer discretionary led the laggards, dropping 1.35 percent and 1.09 percent, respectively. Meanwhile, the energy and industrials sectors led the gainers, advancing 1.95 percent and 0.98 percent.
U.S. crude oil prices surged during the session as market participants expressed concerns over the interruption of supplies. Crude futures traded as much as 12 percent higher at their intraday peak.
Conversely, travel-related equities faced significant downward pressure due to the spike in energy costs. Major U.S. carriers, including Delta Air Lines, United Airlines, and American Airlines, declined between 2 percent and 5 percent.
In the technology sector, Nvidia gained 2.99 percent, and Microsoft rose 1.48 percent. Banking equities and economically sensitive stocks, such as Caterpillar, also managed to recover from earlier session lows to finish higher.
On the economic front, the Institute for Supply Management's Manufacturing Purchasing Managers' Index slipped to 52.4 in February from 52.6 in January. In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed over 8 basis points to reach 4.04 percent.
US stocks close mixed amid escalating Middle East tensions
US stocks close mixed amid escalating Middle East tensions
Tensions between Israel and Iran spilled over into diplomatic channels at the United Nations headquarters in New York on Monday, as representatives from both nations held separate press conferences on the sidelines of a Security Council meeting focused on protecting children in armed conflict.
The juxtaposition of high-level discussions on humanitarian protection and ongoing military hostilities underscored the challenges facing the international body as it seeks to uphold international law in conflict zones.
Israeli Permanent Representative to the UN Danny Danon addressed reporters that joint U.S.-Israeli military operations against Iran will continue as long as it is necessary.
"We are hitting decisively, surgically without apology," said Danon.
Responding to reports of attacks on Iranian schools and civilian infrastructure, Danon asserted that Israeli forces target only military assets. He expressed regret for any civilian casualties.
In a sharply worded press conference, Iran's Permanent Representative to the UN Amir Saeid Iravani condemned U.S.-Israeli military actions, asserting that Iran's major cities and densely populated areas have been targeted, resulting in civilian casualties, including students, which violate the UN Charter.
"These acts constitute aggression, they constitute war crimes, they constitute crimes against humanity. The United States cannot remain silent. The United Nations cannot remain silent. Accountability is not optional. It is deeply shameful and hypocritical that only the very first day of its presidency of the Security Council, the United States convenes a high-level meeting on protecting children and technology and education in armed conflict under the agenda item of maintaining international peace and security, while at the same time, launching missile strikes against Iranian cities and bombing schools and killing children. Words about peace and protection cannot cover act of aggression," said Iravani.
The U.S.-Israeli airstrike on the Shajareh Tayyebeh girls' elementary school in Minab, southern Iran, has left at least 165 people dead, according to Iranian authorities on Sunday.
Israel, Iran trade accusations as UN debates protection of children in conflict zones
