00:00Wall Street ended lower on Monday, May 4, with the S&P 500 retreating from record highs
00:06after a South Korean ship was hit by an explosion in the Strait of Humus and Tehran
00:11demonstrated its grip on Middle East oil, dampening optimism about strong first-quarter earning reports.
00:18Energy stocks rose after reports of the last third confrontations.
00:27An explosion reported aboard a South Korean merchant ship appeared likely to persuade commercial shippers
00:33the Strait was still unsafe after U.S. President Donald Trump said the U.S. Navy would open it.
00:40Tehran said it forced a U.S. warship to turn back after it attempted to enter the Strait
00:45while the United Arab Emirates reported a fire at an oil installation following an Iranian drone attack.
00:51The renewed nervousness about the Middle East conflict comes after the S&P 500
00:56and Nasdaq hit record highs last Friday amid a stronger-than-expected quarterly earnings season.
01:04Today on Monday, we're seeing a little volatility come back in the markets related to the Iranian-U.S. war,
01:12if you want to call it a war.
01:13What we saw today is the administration last night announced a new strategy to help ships transit the Strait of
01:23Hormuz.
01:24The Iranian regime, or whoever's in power, wasn't very pleased with that because they prefer to maintain all their leverage
01:32by preventing any ships that they think should not traverse the Strait.
01:37So their reaction today was shooting an escalation in the Strait, was shooting drones, missiles,
01:46and with fast attack boats that were repelled by the United States pretty effectively today.
01:53The S&P 500 lost 29.37 points, or 0.41%, to end at 200.75 points,
02:02while the Nasdaq Composite lost 46.64 points, or 0.19%, to 25,067.80.
02:10The Dow Jones Industrial Average fell 557.37 points, or 1.13%, to 48,941.9.
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