Sysco Drops 15.3% After Announcing $29B Deal

US stocks fell again on Monday as oil prices kept climbing because of uncertainty about when the war with Iran could end.

• The S&P 500 fell 25.13 points, or 0.4%, to 6,343.72 and deepened its losses to pull 9.1% below its record set early this year.
• The Dow Jones Industrial Average edged up 49.50 points, or 0.1%, to 45,216.14.
• The Nasdaq composite fell 153.72 points, or 0.7%, to 20,794.64 .

Caution was prevalent throughout markets. After jumping to an initial gain of 0.9%, the S&P 500 quickly erased nearly all of it before seesawing lower, the AP reports. Indexes rose in Europe but fell sharply in some Asian markets, while the price of US oil topped $100 per barrel.

The mixed movements followed a whirlwind of action in the war over the weekend, including an entry into the fighting by Houthi rebels in Yemen. Shortly before the US stock market opened for trading Monday, President Trump said on Truth Social that "great progress has been made" with "A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran." But he also threatened the possibility of "blowing up and completely obliterating" Iranian power plants if a deal is not reached shortly and if the Strait of Hormuz, an integral waterway for the flow of oil, is not opened immediately.

• The statement fit and condensed last week's pattern, where Trump would tout progress being made in talks and offer some optimism for the market, only for doubts to rise quickly afterward about whether the war can end soon.

On Wall Street, Sysco fell 15.3% to help lead the market lower after it said it was buying catering supplier Jetro Restaurant Depot for $21.6 billion in cash and enough Sysco shares to value the company at about $29.1 billion. Alcoa rose 8.2% for one of the market's biggest gains on speculation it could get more business after attacks damaged rival aluminum facilities in the Middle East over the weekend.

The S&P 500 is roughly 9% below its all-time high, which was set in January. The Dow and Nasdaq both finished last week more than 10% below their records, a steep-enough fall that professional investors call it a "correction." Taking into account how much profits are expected to grow in the coming year for companies in the S&P 500, the index looks roughly 17% cheaper than before the war, by one measure. That's in a similar range as where prior growth scares for the market ended, as long as they didn't result in a recession or the Federal Reserve hiking interest rates, according to strategists at Morgan Stanley. That's one of the signs that the strategists led by Michael Wilson point to as "growing evidence the S&P 500 correction is getting closer to its ending stages."