S&P 500 is little changed as traders await possible Hormuz deal, Intel shares fall

The S&P 500 was relatively unchanged on Monday amid growing doubts that the U.S. and Iran will come to a lasting resolution to the conflict in the near term.

The broad index traded around the flatline, as did the Nasdaq Composite. The Dow Jones Industrial Average was also flat.

Intel was a key laggard of the session, falling 3% after the company said it's going to be offering $15 billion in common stock.

Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S until several conditions are met.

Iranian Foreign Minister Abbas Araghchi said Sunday there was "no possibility of restarting negotiations" as long as the U.S. continues violating the June memorandum of understanding, without compensating for its "violations," according to Tasnim News Agency, a semi-official news outlet associated with the Islamic Revolutionary Guard Corps.

Oil prices rose on Monday as uncertainty hovered over the market. U.S. West Texas Intermediate crude futures were up about 3% at around $81 per barrel, while international benchmark Brent crude futures were up 3% at above $86.

Last week, Treasury Secretary Scott Bessent's comments to CNBC strongly indicated a deal was imminent. But President Donald Trump told Axios on Sunday that the U.S. was "only semi-negotiating" with Iran and wanted the Middle Eastern country to feel economic pressure.

"Everyone has gotten tired of the back and forth," said Zachary Hill, head of portfolio management at Horizon Investments. But "each time we see some flare-up in Middle East tensions, it's of a smaller magnitude than what we saw prior, so I do think that's informing a little bit of what's going on so far today." That's especially with "such strong fundamentals in the earnings season," he added.