Stock market today: Dow, S&P 500, Nasdaq slide after Trump orders Hormuz blockade against Iran

US stocks moved lower on Monday after President Trump ordered a US blockade of the Strait of Hormuz following the collapse of US-Iran negotiations. The Dow Jones Industrial Average (^DJI) led the retreat, down 0.7%, or over 350 points, as surging oil prices revived concerns about inflation and risks to global growth. Meanwhile, the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) dropped by 0.3%. Trump's move to block all maritime traffic through the Strait of Hormuz escalated already high tensions in the Middle East. That has piled on even more risk for markets whose hopes for a cessation in hostilities were dented by the breakdown in negotiations in Islamabad. "Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump wrote on Truth Social. The blockade is scheduled to start at 10 a.m. ET on Monday. Iran responded by vowing to target all Persian Gulf ports if its own energy hubs are threatened, calling the US move "an act of piracy." Oil prices jumped back above $100 on the threat to global energy flows, with the global benchmark Brent crude (BZ=F) rising 7% to nearly $102 a barrel, while the US counterpart, West Texas Intermediate futures (CL=F), were up over 7% to top $103 per barrel. Closer to home, Goldman Sachs (GS) kicked off bank earnings with strong profits, though shares fell alongside broader stock losses. …