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The U.S. stock market fell in trading on Monday (April 20) as tensions between the United States and Iran escalated again, pushing crude oil prices higher. At the close, the S&P 500 declined 0.24% to 7,109.14, while the Nasdaq fell 0.26% to 24,404.39. The Dow Jones Industrial Average slipped 4.78 points, or 0.01%, to 49,442.56.
Investors reacted to renewed developments in the Middle East, where U.S. and Iranian actions around the Strait of Hormuz and related maritime activity remained in focus.
In an interview with PBS News on Monday, U.S. President Donald Trump again threatened Iran with military force, saying that “many bombs will be dropped” if no deal is reached. The remarks came ahead of a two-week ceasefire between the U.S. and Iran that would end at midnight Tuesday (April 21) U.S. time.
Earlier over the weekend, developments were described as shifting and unpredictable. A day after announcing the reopening of the Hormuz Strait, Iran declared the strait closed and refused to resume peace talks with the U.S. Separately, U.S. forces continued to blockade Iranian ports in the Hormuz Strait.
Trump also said that U.S. forces attacked and captured a cargo vessel flying an Iranian flag in the Gulf of Oman. On Monday, he continued to press Iran to fully open the Hormuz Strait, adding in a post on Truth Social that the U.S. embargo of Hormuz is “destroying Iran” and would not be lifted until both sides reach an agreement.
Analysts said Wall Street stocks had recovered sharply from near a correction earlier in the week and had repeatedly posted records in the previous week, suggesting traders were not fully pricing in the worst-case scenario tied to the U.S.-Iran conflict.
“The war with Iran has shifted behind the market’s horizon,” said David Wagner, a portfolio manager at Aptus Capital Advisors, in an interview with CNBC, pointing to the strong rebound in U.S. equities amid ongoing Gulf region tensions.
With Monday’s decline, the Nasdaq ended a 13-session streak of gains that had run through last Friday.
In energy markets, Brent crude rose 5.64% to close at $95.48 per barrel. West Texas Intermediate (WTI) traded in New York at $89.61 per barrel.
Despite the tensions, Wagner forecast that U.S. stocks could reach new highs in the near term. He said the market’s earnings narrative provides “a degree of insulation and momentum to rise higher,” adding that while some investors expect a repricing due to the market’s valuation, he does not expect that outcome.
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