US MARKET CLOSE | Wall Street Falls as US-Iran Clashes Resume; Tesla Jumps 5.51%, FTC Sues Amazon

US stocks closed broadly lower on Monday after military clashes between the United States and Iran erupted again for the first time in a month, according to Sina Finance. The Dow Jones Industrial Average fell 0.70%, the S&P 500 dropped 0.33% and the Nasdaq declined 0.12%. Edison International sank 23.08%, Pacific Gas and Electric fell 20.06%, HWM lost 7.51%, Sempra Energy dropped 3.10%, Aon slid 9.53% and GEV eased 1.47%, while Super Micro Computer rose 0.54%. Among the "Magnificent Seven," Nvidia gained 1.36%, Tesla rose 5.51%, Apple fell 0.89%, Meta Platforms declined 0.98%, Microsoft dropped 1.22%, Amazon lost 2.50% and Google fell 2.18%; the US Federal Trade Commission sued Amazon. On Sunday, US Central Command confirmed to MSNOW that US forces struck two rocket launch sites on Iran's Larak Island, the first publicly acknowledged US military strike on Iranian targets since late July. Iranian state media reported that Iran retaliated by attacking a US military base in Jordan. Oil prices surged on the renewed hostilities: NYMEX light crude for October delivery rose $2.36 to settle at $85.76 a barrel, up 2.83%, while London Brent crude for November delivery gained $2.39 to $90.49 a barrel, up 2.71%. Despite August volatility, major indexes were still on track for monthly gains led by the technology sector. The Dow was up 2.1% so far this month, on track for a fifth straight monthly gain, while the S&P 500 and Nasdaq were poised for their first monthly rise since May, up roughly 3% and 4% respectively. The S&P 500 technology sector climbed nearly 6% this month, with Nvidia up more than 8% and Microsoft and Micron Technology up 10% and 13% respectively. Inflation concerns drove US Treasury yields to multi-year highs, and the Treasury expanded its buyback program to curb the bond selloff, though long-end yields remained elevated. Federal Reserve Chair Kevin Warsh voiced concern over inflation, saying that although this summer's inflation data came in better than expected, it did not represent a substantive improvement in the underlying trend. Barclays economist Jonathan Millar wrote that Warsh's hawkish remarks put the odds of a 25-basis-point September rate hike above 50%, with a base case of another hike in December. Societe Generale expects the Fed to begin raising rates in September, forecasting 25-basis-point hikes at the September and December meetings and one more in March 2027. The August nonfarm payrolls report is due Friday morning.