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HIGHER ENERGY, LOWER CHIPS AS MARKETS REACT TO GULF ESCALATION

Wall Street's main indexes are mixed early on Monday as a fresh escalation between the U.S. and Iran in the Gulf pushed oil prices higher and unsettled investors, while chip stocks also came under pressure.

Iran and the U.S. exchanged attacks over the weekend, and Tehran said it had closed the Strait of Hormuz, a vital conduit for global energy supplies. The escalation undercuts an interim U.S.-Iran agreement signed last month that aimed to reopen the strait and end the war after 60 days of negotiations.

A majority of S&P 500 .SPX sectors are higher with energy .SPNY, up more than 2% on the back of higher oil futures CLc1, the leading gainer. Tech .SPLRCT, off 1%, is the weakest group. This even with Apple AAPL.O, up about 2%, and on track for a record close.

U.S.-listed shares of South Korean chipmaker SK Hynix SKHY.O are down about 7% on Monday after a blockbuster Nasdaq debut on Friday. Memory-chip makers, which have had a sharp rally this year, are extending their recent pullback. With this, the PHLX Semiconductor Index .SOX is down more than 3%.

Meanwhile, the S&P 500 Value Index .IVX is on pace for a record close.

Here is a snapshot of where markets stood around 10 a.m. ET:

(Terence Gabriel)

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