Wall Street closes lower but posts first monthly gain since May

US stocks closed lower on Monday after the US and Iran exchanged fire, bringing geopolitical tensions back to the forefront. Wall Street, however, managed to post its first monthly gain since May.

The Dow Jones Industrial Average fell 0.7%, or 374 points, to 53,185, ending August with a 1.33% gain and posting its fifth consecutive monthly advance.

The broader S&P 500 fell 0.33%, or 25 points, to 7,686, while the Nasdaq Composite inched down 0.12%, or 31 points, to 26,370. The two indexes gained 2.62% and 3.92%, respectively, in August, marking their first monthly gains since May.

In Europe, the STOXX Europe 600 decreased 0.62% to 651, trimming its monthly gain to 0.29%.

The London Stock Exchange was closed for a public holiday, while Germany’s DAX fell 1.17% to 26,258 and France’s CAC 40 declined 0.79% to 8,334.

In Japan, the Nikkei 225 edged down 0.14% to 66,311, while the broader TOPIX gained 0.23% to 4,156.

Oil prices rose, with Brent crude futures for November delivery gaining 2.71%, or $2.39, to $90.49 a barrel.

US NYMEX crude futures for October delivery jumped 2.83%, or $2.36, to $85.76 a barrel.

Gold futures for December delivery fell 1%, or $48.4, to $4,481.5 an ounce.

What’s behind the market moves? Tensions between the US and Iran revived geopolitical concerns in the markets and pushed oil prices and Treasury yields higher, weighing on stocks.