After opening relatively unchanged from Friday’s close, both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading lower on Monday amid rising tensions in the Middle East and the Strait of Hormuz.
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Trade QQQ with leverageThe United Arab Emirates issued a missile warning, the first of its kind since the U.S. and Iran reached a ceasefire on April 8, after Iran targeted Fujairah with drone strikes. Iran also launched an attack on a UAE vessel outside of the Strait of Hormuz, threatening the already fragile ceasefire.
Oil Prices Rise on Extended Hormuz Closure Fears
The move comes after President Trump announced Project Freedom, an initiative that seeks to safely escort ships traveling through Hormuz. He told Fox News that Iran would be “blown off the face of the Earth” if Iran attacks U.S. ships guiding vessels through the waterway.
Oil prices are on the rise, with the average gallon of gas in the U.S. rising to $4.46, marking a 50% jump since the conflict began on February 28, as concerns about a long-term Hormuz closure ramp.