U.S. stocks dropped for a third consecutive session Monday, pressured by a tenth consecutive night of strikes in the U.S.-Iran conflict and oil prices climbing back toward $90 a barrel. Bitcoin held near $65,000, offering a rare pocket of calm as equities struggled to find a footing at the start of earnings week.
Stocks slide as earnings season opens
The S&P 500 and Nasdaq both closed lower, extending a losing streak that began last week. Investors are bracing for corporate earnings reports that will test whether the economy can absorb higher energy costs and ongoing geopolitical risk. The three-day sell-off has erased some of the gains from earlier this year, though indices remain well above their 2026 lows.
Oil climbs toward $90
West Texas Intermediate crude rose about 2% Monday, pushing closer to the $90 threshold for the first time in months. The escalation in the U.S.-Iran conflict—now in its tenth night of airstrikes—has traders pricing in the possibility of supply disruptions from the Strait of Hormuz. A sustained move above $90 could squeeze margins across industries and add to inflation worries.
Bitcoin holds the line
Bitcoin traded in a narrow range around $65,000, roughly flat on the day. The cryptocurrency has largely ignored the macro turmoil this week, sticking to a band between $64,000 and $66,000. It's not the first time bitcoin has shrugged off geopolitical headlines—traders often point to its decentralized nature as a reason for the detachment—but the steadiness stands out when almost every other risk asset is under pressure.
What to watch this week
Earnings season continues Tuesday with reports from several major companies. Traders will also be watching the Federal Reserve's next policy signal and any developments in the Iran conflict that could push oil past $90. Bitcoin's ability to hold $65,000 may be tested if the broader market sell-off deepens, but for now, the crypto is doing what it does best: staying quiet while the world burns.
