<\/p>\n
Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the New York Stock Exchange, Friday, May 1, 2026.<\/p>\n
Richard Drew\/AP<\/p>\n
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.<\/p>\n
Fatima Shbair\/AP<\/p>\n
The screen showing the foreign exchange rate between U.S. dollar and South Korean won is seen at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026.<\/p>\n
Lee Jin-man\/AP<\/p>\n
Trader Derek Orth works on the floor of the New York Stock Exchange, Thursday, April 30, 2026.<\/p>\n
Richard Drew\/AP<\/p>\n
Wall Street dipped and oil prices jumped early Monday on conflicting reports of a strike by Iran on a U.S. Navy vessel outside of the Strait of Hormuz.<\/p>\n
<\/p>\n
Futures for the S&P 500 were down 0.2% before the opening bell, while futures for the Dow Jones Industrial Average lost 0.5%. Nasdaq futures dipped 0.1%.<\/p>\n
Article continues below this ad<\/p>\n
Oil prices initially jumped 5% on the news that a U.S. ship had been hit, but is now trading between 2% and 3% higher after the U.S. military denied the attack.<\/p>\n
The U.S. remains active near the Persian Gulf and President Donald Trump said the US would guide ships through the Strait of Hormuz, but offered few details.<\/p>\n
Iranian news agencies \u2014 including the semiofficial agency Fars and the Iranian Labour News Agency \u2014 claimed that Iran had struck a U.S. Navy vessel southeast of the strait of Hormuz, accusing it of \u201cviolating maritime security and navigation norms.\u201d<\/p>\n
The price of a barrel of U.S. benchmark crude was up $2.18 at $104.12 a barrel. Brent crude, the international standard, jumped $3.06 to $111.23 a barrel.<\/p>\n
Article continues below this ad<\/p>\n
In corporate news, shares of eBay soared as Ryan Cohen\u2019s GameStop pursues an approximately $56 billion takeover of company, seeing it as a vehicle to compete with online retail giant Amazon.<\/p>\n
The national gaming retailer said that its approximately 1,600 U.S. stores could become drop-off and shipping locations.<\/p>\n
GameStop shares were down 2.6% in premarket trading while eBay shares climbed close to 8%. GameStop said that it started accumulating shares in eBay beginning in February and currently has a 5% stake.<\/p>\n
Attention in recent weeks has been split between the impacts of the Middle East conflict and corporate earnings.<\/p>\n
Article continues below this ad<\/p>\n
Much hinges, analysts say, on progress toward ending the war with Iran and unlocking the shipping bottleneck in the Strait of Hormuz.<\/p>\n
The oil market \u201cremains the fulcrum, with hundreds of tankers, bulk carriers, and cargo ships still stranded across the Gulf, idling as storage constraints force producers to shut … production simply because there is nowhere left to store it,\u201d Stephen Innes of SPI Asset Management said in a commentary.<\/p>\n
Thousands of seafarers, many on oil tankers or cargo ships, have been stuck in the Persian Gulf since the war began. Those aboard described to The Associated Press intercepted drones and missiles exploding over the body of water as their vessels run low on drinking water, food and other supplies.<\/p>\n
Trump said his \u201cProject Freedom,\u201d an effort to \u201cguide\u201d ships out of the strait, would begin Monday morning in the Middle East. The U.S. Central Command said it would involve guided-missile destroyers, more than 100 aircraft and 15,000 service members, but the Pentagon did not immediately answer questions about how they would be deployed.<\/p>\n
Article continues below this ad<\/p>\n
Offsetting some of the stalemate in Iran are strong corporate earnings. U.S. companies have exceeded expectations for the first three months of the year despite rising inflation, soaring gas prices, and a sense of growing unease among Americans about the war and the U.S. economy<\/p>\n
Reporting earnings this week are Palantir, The Walt Disney Co., DoorDash, Uber and McDonald’s.<\/p>\n
A trove of labor market data is also scheduled for release this week, including job openings for March, the latest weekly layoffs report. The more comprehensive April jobs report lands on Friday.<\/p>\n
In Europe at midday, Germany’s DAX was 0.3% lower, while the CAC 40 in Paris declined 1%. Markets in Britain were closed for a holiday.<\/p>\n
Article continues below this ad<\/p>\n
In Asian trading, Hong Kong\u2019s Hang Seng jumped 1.2% to 26,095.88.<\/p>\n
Markets in mainland China and Japan were closed for \u201cGolden Week\u201d holidays.<\/p>\n
Australia\u2019s S&P\/ASX 200 slipped 0.4% to 8,697.10.<\/p>\n
Article continues below this ad<\/p>\n
Strong buying of tech stocks pushed shares in South Korea sharply higher, as the Kospi gained 5.1% to 6,936.99. Samsung Electronics\u2019 shares surged 5.4%.<\/p>\n
In Taiwan, the Taiex leaped 4.6% as shares in computer chipmaker TSMC, the market heavyweight, shot up 6.6%.<\/p>\n","protected":false},"excerpt":{"rendered":"Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the…\n","protected":false},"author":2,"featured_media":278146,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[145,31231,23681,59373,84874,59371,84875,59372,88248,61262,102729,82,84,83,102728,102727,78907],"class_list":["post-278145","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-antonio","tag-donald-trump","tag-iran","tag-package-100024-ap-online","tag-package-100373-mc-complete-state-national","tag-product-30597-ap-business-news-f-wire","tag-product-30598-ap-national-news-report-a-wire","tag-product-31995-ap-online-general-financial-business-news","tag-product-31998-ap-online-national-news","tag-product-32003-ap-online-stock-market-reports","tag-product-46986-ap-online-top-stories","tag-ryan-cohen","tag-san-antonio","tag-san-antonio-headlines","tag-san-antonio-news","tag-stephen-innes","tag-stocks-markets-rates-oil-iran","tag-strait-of-hormuz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/278145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=278145"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/278145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/278146"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=278145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=278145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=278145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}