Markets waver as geopolitical tensions and oil prices shake investor confidence
Minutes earlier, the broader S&P 500 had dipped by 0.2%, trading at around 7,110 points, while the tech-heavy Nasdaq saw its Nasdaq 100 index down by 0.3% at approximately 26,590 points.
Ongoing uncertainty stemmed from the fragile ceasefire in the Iran conflict, which is set to expire soon. Should the talks scheduled for midweek in Pakistan actually take place, however, they could bring relief to Wall Street.
Meanwhile, pharmaceutical giant Eli Lilly announced a deal to acquire Kelonia Therapeutics for $3.25 billion. The companies stated that the purchase price could rise to as much as $7 billion if Kelonia meets certain clinical, regulatory, and commercial milestones. The Wall Street Journal had previously reported that the two firms were on the verge of such an agreement.
In other news, media reports revealed that Spirit Aviation Holdings had offered the U.S. government a stake in the budget airline to avert a potential liquidation. Sources familiar with the matter indicated that the carrier, facing rising jet fuel costs, had requested financial assistance from the government.
The euro strengthened on Monday evening, with one euro trading at $1.1786, while the dollar exchanged for €0.8485.
Gold prices weakened, with an ounce fetching $4,816 in the evening—a 0.3% decline—equivalent to €131.36 per gram.
Oil prices, however, surged. By around 10 p.m. German time, a barrel of North Sea Brent crude was priced at $95.11, marking a 5.2% increase from the previous trading session's close.
