On Monday, the S&P 500 Index closed up 0.12%, the Dow Jones Industrial Average fell by 0.13%, while the Nasdaq 100 Index slightly increased by 0.01%. The S&P 500 and Nasdaq 100 reached new all-time highs, buoyed by optimism surrounding demand for AI infrastructure. This week, major technology companies including Alphabet, Apple, and Microsoft are set to report quarterly earnings.
WTI crude oil prices surged over 2% following President Trump’s cancellation of planned negotiations with Iran, raising inflation concerns. This increase comes amid ongoing tensions over the Strait of Hormuz, which is crucial for global oil transit. Goldman Sachs estimates that crude production in the region has decreased by about 14.5 million barrels per day, contributing to a nearly 500 million barrel reduction in global crude inventories.
In Washington, Kevin Warsh’s nomination as the new Fed Chair appears on track for Senate approval following the withdrawal of opposition from Senator Thom Tillis. The Senate Banking Committee is scheduled to vote on his confirmation this Wednesday. Meanwhile, stock markets are currently anticipating no change in Federal Reserve interest rates as they await further developments in inflation and oil prices.
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