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 U.S. stocks fell Monday morning ahead of a big week for corporate quarterly results from internet-related stocks, and as oil prices shot higher as the U.S. said it would end waivers for countries importing Iranian crude. The Dow Jones Industrial Average fell 87 points, or 0.3%, at 26,468, the S&P 500 index declined 0.3% at 2,897, and the Nasdaq Composite Index gave up 0.4% at 7,661. All three benchmarks had been near all-time closing highs. The markets are likely to face subdued action as most major indexes were closed at the end of last week in observance of Good Friday and as many European markets are closed in observance of Easter Monday. Meanwhile, the U.S. said it was ending waivers for countries to import Iranian oil, part of the Trump administration's effort to drive Iran's exports to zero, the White House said Monday. The announcement lifted crude prices sharply higher, with West Texas Intermediate crude trading on the New York Mercantile Exchange gaining 2.3% at $65.57 a barrel. The energy sector , meanwhile, was up 1.1%. On the data front, a report on existing home sales for March was due at 10 a.m. Eastern Time. Looking ahead, earnings from Amazon.com Inc. , Twitter Inc. , Facebook Inc. and Microsoft Corp. are expected over the next several sessions.
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The move by the White House to end all waivers on the purchasing of exports of Iranian crude is already causing crude prices to rise, and could cause a significant spike if efforts to coordinate with Saudi Arabia and the UAE to keep markets balanced are unsuccessful.
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