The main stock indexes were lower on Monday as oil prices and interest rates surged amid what looks more and more like a stalemate at the Strait of Hormuz. Investors, traders and speculators cast wary eyes on the Middle East ahead of the release of consumer and producer inflation data on Wednesday and Thursday.
A cooler-than-expected July jobs report lifted odds the Federal Open Market Committee (FOMC) will stay on pause when it meets again in September. Price action shifted back in favor of a rate hike today, though, as it appeared any durable peace in the Middle East will leave Iran in control of traffic through the critical channel connecting Persian Gulf oil and gas production to global markets.
