The Nasdaq Composite fell 1.0%, the S&P 500 by 0.8%, and the Dow Jones Industrial Average 0.7% on Monday morning. In contrast, Nvidia’s stock rose 2.1% after announcing a $150 billion increase in its buyback program, bringing its total authorization to $235 billion, the largest in U.S. history.
President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and lift oil sanctions, labeling the terms “unacceptable.” As a result, oil prices spiked, with Brent crude surpassing $108 before settling near $100, an increase of approximately 2.7%. The U.S. Oil Fund gained 3.3%.
This week is data-heavy, with job openings, core inflation, and GDP reports arriving, while the September job report is expected to show only 84,000 new jobs, down from August’s 162,000. Furthermore, the U.S. and China agreed to cut tariffs on $60 billion in goods, effective until January 10, 2027.
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