Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Monday amid new signs of rising tensions in the Middle East.
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- The United Arab Emirates (UAE) issued a missile warning, the first since the U.S.-Iran ceasefire began on April 8, after a state-linked oil tanker was hit by an Iranian drone strike. Iran also targeted an oil facility in Fujairah, causing a large fire.
- U.S. Central Command Commander Adm. Brad Cooper said the U.S. destroyed six Iranian small boats in the Strait of Hormuz. An Iranian official denied the claim.
- President Trump launched Project Freedom, the latest U.S. effort to guide vessels safely through Hormuz. He warned that Iran would be “blown off the face of the Earth” if it attacks U.S. ships guiding other ships through the waterway.
- Brent crude oil futures (BZ) rose 5%, while the average price for a gallon of gas in the U.S. surged to $4.46, its highest level since July 2022.
- Amazon (AMZN) introduced Amazon Supply Chain Services (ASCS), which will provide businesses with freight, distribution, fulfillment, and shipping services. FedEx (FDX) and UPS (UPS) plunged on the news.
- eBay (EBAY) surged after GameStop (GME) issued an unsolicited bid to purchase the e-commerce company for $56 billion, or $125 per share.
- AMD (AMD) and PayPal (PYPL) will report their earnings tomorrow.